−1.7%
since Oct 3
The idea
I believe the companies that discover genuinely new things in AI and medicine, and own what they find, compound faster than the market over years. So this holds the discovery engines directly, roughly a quarter in AI labs and a fifth in medicine innovators, alongside the toolmakers that get paid regardless of whose discovery wins, chip equipment, lab instruments, design software. It spans five sub-themes so no single field carries the thesis, keeps some cash on hand, and is meant to be held for years rather than traded.
What it owns
- The take concentrates on companies that conduct frontier AI research and convert discoveries into revenue-generating products at scale. · Alphabet Inc.It operates DeepMind and Google Research, two of the world's most productive AI labs, and monetizes their discoveries through search, cloud and Gemini rather than publishing them for competitors to commercialize., NVIDIA CorporationNearly every AI lab and growing share of scientific research runs on its chips and CUDA software, collecting a toll on most new knowledge creation while defending its lead against custom and rival designs., Microsoft CorporationIt converts frontier AI models into revenue faster than anyone through Azure, Copilot and its partnership with OpenAI, making it the primary commercial channel for cutting-edge AI., Meta Platforms, Inc.It funds one of the world's largest AI research efforts and feeds the results into products used by billions, generating returns through better ads, recommendations and new AI features.26%
- The take includes companies that supply the essential instruments, reagents and equipment that every research lab and manufacturer depends on. · ASML Holding N.V.It is the sole manufacturer of EUV lithography machines required to print leading-edge chips, making it an essential stop for anyone building AI hardware., Thermo Fisher ScientificIt supplies the instruments, reagents and services that nearly every biology and pharma lab depends on, earning revenue from research activity regardless of which individual drug succeeds., Danaher CorporationIt owns the tools and consumables used throughout the development and manufacturing of biologic drugs, earning revenue from every antibody and gene therapy that scales., Illumina, Inc.Its sequencers read most of the world's DNA data, the raw material for modern biology and drug discovery, and must defend its dominant share against newer long-read competitors.21%
- The take focuses on pharmaceutical companies with proven internal discovery platforms that generate approved drugs and expanding pipelines. · Eli Lilly and CompanyIts discovery labs produced the GLP-1 drugs transforming obesity and diabetes treatment, and its pipeline in Alzheimer's and metabolic disease keeps generating approvals., Vertex PharmaceuticalsIt controls cystic fibrosis treatment through its own science and is now pushing its discovery model into pain, kidney disease and gene editing., Regeneron PharmaceuticalsIt built its own discovery technology platform, the VelociSuite, which generated Eylea and Dupixent, and needs that platform to keep producing new drugs as older ones face competition., Novo Nordisk A/SIts decades of research in insulin and hormones produced Ozempic and Wegovy, positioning it as one of two companies dominating the obesity drug market.20%
- The take holds companies that turned scientific breakthroughs into durable competitive advantages and recurring revenue from installed bases. · Taiwan Semiconductor ManufacturingIt manufactures advanced chips for NVIDIA, Apple and most AI hardware makers better than anyone, though its concentration in Taiwan carries geopolitical risk., Intuitive Surgical, Inc.It turned decades of robotics research into the da Vinci surgical system and now earns most revenue from instruments and services on an installed base no competitor has matched., CRISPR Therapeutics AGIt co-developed Casgevy, the first approved CRISPR gene-editing therapy, proving the science works in humans, though profitability depends on the pipeline advancing and cash lasting long enough.15%
- The take includes the software vendors who license their tools to every company designing chips and increasingly to drug developers running simulations. · Cadence Design SystemsIt holds the other half of the chip design software duopoly and sells simulation software expanding into drug discovery, collecting recurring fees as design activity grows with AI buildout., Synopsys, Inc.It holds half of a near-duopoly in chip design software, collecting recurring fees from every semiconductor designer as AI pushes more companies to build custom silicon.10%
- Cash8%