Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.2)

31 min · 21 Jul 2026

Part 2 of the rebalance deepens the focus on power electronics for 800V DC architectures, sharpens photonics conviction around hybrid bonding and space optics, and refines the neocloud and software allocations toward the highest-asymmetry names in the AI value chain.

Photonics: Deep Dive into OCS Architectures (Pt.3)

Part 3 examines the four leading Optical Circuit Switching technologies — MEMS, LCoS, Piezo/DBS, and Silicon Photonics — comparing their physical constraints, manufacturing realities, and long-term strategic positioning in AI infrastructure.

32 min read 13 Jul 2026

12 min read 06 Jul 2026

Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.1)

In our latest quarterly review, we rotate toward under-appreciated capacity resolvers across foundry, back-end, photonics, and power as the AI buildout enters its next phase.

25 min read 29 Jun 2026

Notes: The Bottleneck Heuristic — The Memory Supercycle, Power Bottleneck, and Data Center Value Creation (Pt.3)

The memory supercycle is no longer just about HBM. Multi-tier architectures are pulling conventional DRAM and NAND into the same structural shortage, while power and PCB bottlenecks are now compounding the constraint.

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