@alex-sacerdote / appears on iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb, iltb
memory, which used to be a pure commodity, this high-bandwidth memory is a stack 10 chips on top, you know, the input outputs are 10x what they were before, like took Samsung for years to do it. And it's a critical, critical piece.
When we were buying NVIDIA in 2023, we were paying 4 times earnings.
in the power supplies, every Nvidia chip or rack uses 50 to 125% more power. And like literally that drives the ASPs of Delta and Advanced Energy.
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}AISO Market Calls classifies public statements from public sources. A classification such as long thesis, short thesis, or explicit call describes the content of the public statement and does not prove that the speaker actually entered, exited, or held a position. Market performance shown is calculated from public market data around the source publication or timestamp. It is not investment advice.
The factory that makes the world's most advanced AI chips is hugely levered to the AI super-cycle, a wide-moat mega-cap that endowments are badly underweight.
Alex, you were saying that your highest conviction position is Anthropic right now.
Gemini can never be counted out. We love Google. As well. It's one of our largest positions.
we noticed they were the sole supplier of the Google TPU server and we're like, oh my God, this was like 3 years ago. Stock was trading at 8 times earnings
You find these companies like Corning, like they make the fiber. They've got some ridiculously high share of the fiber. I was reading this Microsoft data center they just built. There's enough fiber to circle the world 4.5 times in that one thing.
We basically sold almost all of our software, almost all of our application software. We still have one or two small ones, but entering this year we were actually net, net short. And it really helped us in the first quarter.
NVIDIA sure is, and TSMC is really levered to it and Hynix is extremely levered to it and ASML is levered to it. So it's a great, so that's a new, we're 4 months into that one.
what was scary for OpenAI and Anthropic fighting these big companies like Google was they had these huge cash cows and to both of the management teams, credit at OpenAI and Anthropic, they were able to work in these super capital-intensive industries and find ways to raise capital.
No reach data yet.
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