−14.5%
since Oct 9
The idea
I think AI growth keeps slamming into physical limits through 2027-28, so I'm chasing whatever runs short first. The biggest weight goes to power and grid gear, memory chips, and the operators building out data centers, since that's where scarcity already shows up. Smaller slices go to chip makers, since everyone already owns them, and to the monitoring, storage and security tools that get used more as AI writes more code. I hold some cash, spread bets across each group instead of betting on one name, and I'll rethink this if power, memory or data center space stop being scarce before 2028.
What it owns
- Data centers consume power faster than grids can deliver, making fuel cells, nuclear, gas turbines and cooling equipment critical chokepoints. · Bloom EnergyIt sells fuel cells that let data centers generate their own power instead of waiting years for grid connections to complete., GE VernovaIt manufactures gas turbines and grid equipment with waiting lists stretching years, benefiting from order growth and pricing power through capacity scarcity., VistraIt owns gas and nuclear power plants and earns more when electricity grows scarce, benefiting as data center demand pushes prices higher., Constellation EnergyIt operates the largest US nuclear fleet, which tech companies seek for steady carbon-free power under new long-term data center supply deals., VertivIt sells cooling and power equipment inside data centers, including liquid cooling for dense AI racks, benefiting while orders arrive faster than shipments.24%
- High-bandwidth memory and flash storage sit at the center of AI infrastructure, with supply tightness driving pricing power across the take. · Micron TechnologyIt manufactures high-bandwidth memory that sits next to every AI chip, with supply sold out and pricing power intact as long as inventories stay lean., SandiskIt makes flash storage that data centers need to feed data to chips quickly, benefiting while flash prices remain firm on sustained data center demand., Western DigitalIt makes hard drives that still hold most bulk data AI collects, benefiting while drive supply stays tight and prices rise.18%
- Renting out AI computing and powered sites captures the shortage economics across multiple layers as demand outpaces buildable capacity. · CoreWeaveIt rents Nvidia-powered computing to AI labs and major tech companies through large multi-year contracts backed by continued access to capital., Nebius GroupIt operates AI data centers and rents computing capacity to others, growing through major contract wins and on-schedule capacity buildouts., Core ScientificIt converted bitcoin mining sites into AI data centers with power already connected, leasing space to CoreWeave while ready-to-use powered sites remain scarce., IRENIt converted bitcoin mining operations into an AI cloud provider with power already connected, growing through chip deployment and customer additions.17%
- Infrastructure that watches, stores, secures and runs AI-written code grows with every line of code an AI model produces. · DatadogIt monitors software systems for problems, gaining volume as AI-written code multiplies the number of applications that need watching., JFrogIt stores and validates software building blocks that code assembles from, managing more work as AI-written code multiplies., CrowdStrikeIt sells security software, gaining volume as more code and AI agents inside companies create more surface area to protect., MicrosoftIt owns GitHub Copilot and Azure cloud infrastructure that AI coding tools depend on, growing as demand consistently exceeds available capacity.17%
- Advanced chipmaking capacity stays sold out, with each new process node taking years to build and filling with AI orders before it ships. · Taiwan SemiconductorIt builds nearly every advanced AI chip and its packaging bottleneck sits between chips and memory, holding while AI capacity stays sold out and revenue grows., NvidiaIt makes the chips most AI runs on, held in smaller size since demand outpaces supply and data center revenue continues growing across the sector., BroadcomIt designs custom AI chips for big tech companies and networking gear connecting chips together, growing as custom chip orders increase., IntelIt represents a longer shot that if chipmaking capacity runs critically short, its US factories could fill the gap with outside customers.14%
- Cash10%