Aixtron: The Growth Step (Pt.1)
The quiet German monopoly behind the compound semiconductor chips that AI data centers cannot be built without.
AI infrastructure
Soitec - Where Silicon Photonics Begins
The near-monopoly on Photonics-SOI wafers that every leading silicon photonics foundry depends on as the starting material for AI’s optical interconnect boom.
SpaceX - Powering AI from Orbit, Space Solar, and the Musk Stack (Pt.1)
Space solar’s ~10× efficiency edge over terrestrial limits — powered by Musk’s self-reinforcing loop of xAI demand, SpaceX launches, and Starship’s killer app.
SysMoore & Energy (Pt.3)
SysMoore’s hardware renaissance meets the energy wall — how AI compute’s explosive growth is forcing a fundamental rethink of power infrastructure, unlocking nuclear and natural gas tailwinds amid persistent buildout constraints.
Notes: Convequity’s Lens on Software 3.0 Investing
Summary
* Software 3.0 mirrors the early internet era: AI is in an infrastructure-first phase where most value accrues to chips, data centers, power, and networking, while the true application winners largely do not yet exist.
* The public SaaS universe is structurally impaired, with slowing growth, high SBC, compressed
Themes - DeepSeek, Kimi And AI Efficiency Paradigm Shift (Pt.2)
Summary
* DeepSeek has multifold lower opex and cluster costs than Western rivals, but its total capex is likely a lot closer.
* Despite US chip restrictions, DeepSeek has sustained its AI advancements through innovative training strategies.
* DeepSeek is scaling up with potential outside funding and deeper collaboration with Huawei.
Training
One