Light paths across the AI value chain — coherent optics, silicon photonics and the interconnects shaping the next phase of the infrastructure buildout.

Portfolio

3Q26 Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.3)

29 min · 04 Aug 2026

The July AI-infra correction separated disciplined portfolios from levered concentration. Our 3Q26 rebalance concludes with a clear principle: technical relevance is not enough. We exit weakened theses, favour bottleneck resolvers like Soitec, and size unproven optionality with discipline.

4Q26 Portfolio Rebalance: Positioning for a Shift in AI Infrastructure Leadership (Pt.3)

Shorter, denser AI systems could change which optical parts customers need. In the final part of our 4Q26 rebalance, we add ams OSRAM, prioritize Veeco and Aeva, and take smaller, speculative positions in MicroVision and Quantum Computing Inc., funded partly by trimming correlated exposure.

33 min read 10 Nov 2026

42 min read 29 Oct 2026

4Q26 Portfolio Rebalance: Positioning for a Shift in AI Infrastructure Leadership (Pt.2)

Customers are redesigning around tight chips, memory, optics and power. We increased Cerebras to 1% and SPCX to 4%, and we trimmed Soitec to 3.5% and POET to 0.75%.

38 min read 09 Oct 2026

4Q26 Portfolio Rebalance: Positioning for a Shift in AI Infrastructure Leadership (Pt.1)

AI spending keeps growing, but the winners are changing. Our 4Q26 rebalance favors Broadcom over NVIDIA and backs suppliers enabling logic folding and optical integration. We also explore Tesla’s physical AI opportunity and the risks to TSMC’s long-term dominance.

Read next