AI Infrantastic
Michael Mignano
@mignano
· 3
+4.4%
since Jul 21 · after money added
The idea
I believe AGI buildout will be constrained by physical infrastructure, not just model breakthroughs, so I'd rather own the picks and shovels than the AI labs themselves. The portfolio mirrors a hedge fund built around that same thesis, spread across data centers, semiconductors, power generation, and storage, with a small cash reserve and a slice of broad market exposure to soften single-name risk. I keep a close eye on that fund's own filings, and meaningful shifts in what they hold are my cue to reconsider mine.
What it owns
- The take emphasizes operators and providers building the physical facilities and GPU cloud services that run AI workloads, including former bitcoin miners with existing power infrastructure. · Core ScientificIt operates data center facilities with existing power contracts and infrastructure, now hosting AI and high-performance computing workloads for major technology partners., CoreWeaveIt rents GPU capacity to artificial intelligence laboratories and companies that prefer not to build their own data center infrastructure, backed by major chip manufacturers., Applied DigitalIt builds and operates next-generation data centers specifically designed for artificial intelligence workloads, with partnerships from major technology companies., IREN LtdIt operates next-generation data centers focused on renewable energy, pivoting infrastructure from cryptocurrency to artificial intelligence and high-performance computing hosting., CleanSparkIt operates data centers with substantial existing power infrastructure, pivoting from cryptocurrency mining to hosting artificial intelligence and high-performance computing workloads., Riot PlatformsIt owns the largest United States cryptocurrency mining operation with extensive power infrastructure in Texas, positioned to shift capacity toward artificial intelligence workloads.33%
- The take focuses on companies designing and manufacturing chips that power artificial intelligence systems, from dominant incumbents to emerging custom silicon makers. · NvidiaIt supplies the processors that power most artificial intelligence systems, with exceptional profitability and a substantial backlog of customer orders., BroadcomIt designs custom AI accelerators for multiple hyperscale technology companies and holds multi-billion dollar commitments as customers develop alternatives to standard processors., IntelIt is the only United States-based leading-edge semiconductor manufacturing facility and holds strategic importance for domestic technology independence., TSMC (ADR)It manufactures chips for all major artificial intelligence chip designers and technology companies, winning regardless of which company designs the processor.30%
- The take captures electricity producers positioned to supply the massive, growing power demand from AI data centers across the country. · Constellation EnergyIt is the largest carbon-free electricity producer in the United States with over thirty gigawatts of capacity and direct contracts to supply power to data centers., Vistra CorpIt generates electricity from nuclear and gas sources with long-term data center power agreements, positioned directly in the path of artificial intelligence infrastructure demand., Bloom EnergyIt manufactures fuel cells that deliver independent, on-site power to data centers, addressing grid congestion and providing reliable electricity for continuous AI operations.21%
- The take includes essential memory and storage infrastructure that AI data pipelines depend on to function at scale. · SanDisk CorpIt manufactures NAND flash memory essential for storing and processing data in artificial intelligence pipelines, with exposure to the storage bottleneck in AI infrastructure.10%
- The take includes broad market exposure and diversified infrastructure plays that reduce concentration risk if AI adoption progresses slower than expected. · GE VernovaIt builds turbines and grid infrastructure that form the physical backbone of electricity generation and distribution to data centers and broader power networks., Vanguard S&P 500 ETFIt provides broad market exposure and indirect access to major technology companies investing in artificial intelligence, serving as protection if adoption progresses slower than expected.5%
- The take includes companies in adjacent segments that benefit from AI infrastructure growth without falling neatly into compute, storage, or power categories. · It designs custom artificial intelligence chips for major technology companies, capturing share in the growing market for specialized silicon beyond standard processors.5%