−5.3%
since Sep 30
The idea
I don't think the AI stack ends up owned top to bottom by one or two model makers, so I want exposure to the neutral layers that get paid no matter which lab wins. This basket leans into infrastructure like Cloudflare and Datadog, chip diversity across AMD, Broadcom, Arm, and Qualcomm, and application layer names like Shopify rebuilding around agents, while keeping crypto rails out entirely. Positions are spread out rather than concentrated in any single name, with cash held in reserve.
What it owns
- Infrastructure that processes traffic for every AI application regardless of which model powers it, creating consistent demand across all outcomes. · CloudflareRoutes traffic between AI model makers and application builders as a neutral middleman, collecting payment from both sides regardless of which model wins., DatadogMonitors software and infrastructure performance across all AI deployments, staying neutral to which model or framework customers choose., ElasticPowers search and data retrieval for AI applications built on any model, sitting in the pipeline between applications and their data sources., TwilioDelivers messages and phone communications that autonomous agents send to users, remaining neutral to which model or platform the agent runs on.33%
- Chipmakers and chip architects that benefit as AI computation spreads across multiple suppliers and architectures instead of concentrating at one vendor. · Advanced Micro DevicesBuilds accelerator chips that let large infrastructure operators reduce dependence on a single chip supplier for AI inference workloads., BroadcomManufactures custom silicon that enables cloud providers to avoid single-vendor lock-in for their AI inference capacity., Arm HoldingsLicenses the processor architecture that alternative AI chipmakers build on, collecting royalties as chip design diversifies away from any single supplier., QualcommSupplies processors for devices and phones running AI inference locally, spreading computational load beyond centralized data centers.26%
- Software platforms being rebuilt to work with autonomous agents as customers and operators, staying neutral to whichever model the agents run on. · ShopifyProvides the storefront layer where autonomous agents will make purchases, remaining agnostic to which model or vendor the agent comes from., SnowflakeStores and retrieves enterprise data that agents need to be useful, staying independent from any single model maker's infrastructure.18%
- Identity verification and payment systems that agents will need to authenticate themselves and conduct transactions on behalf of users. · OktaVerifies the identity of autonomous agents and the people they represent, providing the authentication layer agents need to act on someone's behalf., VisaProcesses payment transactions initiated by autonomous agents using existing card networks, capturing fees from agentic commerce without new infrastructure.13%
- Cash10%