Energy, Agents, Prevention, Orbit
Mariano Amartino@amartino
−10.5%
since Sep 30
The idea
I'm betting on four shifts unfolding over five years or so. The biggest weight goes to energy and efficient compute, the companies powering and optimizing the compute buildout, since I see that as the moat everyone else depends on. Then agentic finance rails, the exchanges and custody behind money that moves and hunts yield non-stop, preventive and data-driven diagnostics as an earlier-stage layer, and a smaller space allocation for orbital infrastructure and earth data.
What it owns
- Compute demand is growing faster than the grid, so the companies that generate and deliver power hold the scarcest asset. · GE VernovaManufactures turbines, transformers and grid equipment that all new power for data centers must pass through, with a multi-year backlog of orders., Vistra CorpGenerates and sells the electricity that compute runs on, capturing pricing power as long as data center demand grows faster than supply., Constellation EnergyOperates the largest nuclear fleet in the United States, providing steady round-the-clock power that data centers are locking in through long-term contracts., Eaton CorporationSupplies the electrical equipment that moves power inside data centers, benefiting as data center electrical infrastructure spending accelerates., Oklo IncDevelops small modular reactors sited next to compute facilities, with returns dependent on regulatory approvals and signed power purchase agreements arriving as planned.28%
- Agents trading and hunting yield around the clock need exchanges, custody and tokenization rails, and those rails collect fees on every move. · Coinbase GlobalProvides custody and trading rails for tokenized assets that autonomous agents will need to hunt yield without human intervention., Intercontinental ExchangeOperates exchanges and distributes market data, collecting tolls on trading volumes and information flow regardless of asset direction., Robinhood MarketsOperates trading infrastructure for tokenized assets and round-the-clock trading, launching products for a world where autonomous agents move money faster., Circle Internet GroupIssues USDC stablecoin designed for instant settlement between autonomous agents moving money and value without human intermediaries.20%
- Medicine shifting from treating sickness to predicting it rewards the companies that own the diagnostics and the health data. · Tempus AIConverts clinical and genomic data into diagnostics and drug-discovery revenue, capturing the shift toward personalized, data-driven preventive medicine., Guardant HealthUses blood tests to detect cancer before symptoms appear, replacing post-disease treatment with preventive screening through molecular diagnostics., NateraLeads in genetic screening that identifies disease risk before symptoms emerge, enabling personalized prevention through early knowledge., DexComManufactures continuous glucose monitors that collect personal health data at scale, extending preventive monitoring beyond diabetics into general wellness.17%
- When energy is the constraint, the chips and cooling that do more work per watt become the way around it. · NVIDIADesigns chips that deliver more compute per watt each generation, setting the efficiency benchmark that data center operators optimize around., Vertiv HoldingsManufactures cooling and power systems that let data centers extract more compute from each watt, filling orders as AI buildouts accelerate., Arm HoldingsDesigns low-power processor architectures that grow in royalty value as energy efficiency becomes the primary buying criterion in data center chips.16%
- Materials and compute sourced off-earth start with launch, orbital hardware and satellite data, the toll roads of the frontier. · Rocket LabProvides launch services and spacecraft components for the space frontier, with the Neutron rocket as the next step up for heavier payloads., AST SpaceMobileBuilds satellite infrastructure to deliver connectivity from orbit directly to ordinary phones, creating high-impact returns if launches and carrier agreements convert to service., Planet LabsSells earth imagery from satellite orbit, producing data without consuming terrestrial grid power, scaling commercial and government demand for orbital insights.11%
- Cash8%