Your book

Compute is the binding constraint on artificial intelligence, not model design.

Compute buildoutAggressive3–5 years5 holdingsConfidence 54%5 removed

Universe v1· No stated date on this link

igitur.xyz/b/compute-is-the-binding-constraint-on-1whzpop

VRT27.7%

NVDA27%

TSM27%

SMCI8.3%

SGOV10%

Lead positionConviction, descendingBallastWidths are weights · total 100%

Every holding, and why it is that size

Restore the book

27.7%Vertiv

Power and cooling inside the rack, where density fails first.

VRT · Equity · $17.34 · $5B · Compute buildout

−+×

27%Nvidia

Sits on the critical path of nearly every frontier training run.

NVDA · Equity · $7.24 · $52B · Compute buildout

−+×

27%Taiwan Semiconductor

Leading-edge dies are fabricated here or they are not fabricated.

TSM · Equity · $76.43 · $58B · Compute buildout

−+×

8.3%Super Micro Computer

Integration and assembly — real volume, thinnest moat in the chain.

SMCI · Equity · $3.76 · $330B · Compute buildout

−+×

10%0–3 Month Treasury Bill ETF

Cash that still earns while the thesis is early.

SGOV · Treasury · $161.00 · $106B · Ballast

The case for

Frontier training runs are gated by physical supply, not ideas. Leading-edge capacity is booked years out, high-bandwidth memory is sold before it is made, and grid interconnection queues run for years. Anything on that critical path collects the toll.

The case against

Every capex supercycle in semiconductors has ended in a glut. Efficiency gains, smaller models and custom silicon all cut the accelerators needed per unit of intelligence, and buyers are a handful of firms who can pause in one quarter.

What the weights are worth

Percentages, converted. Nothing is sent anywhere.

Enter an amount to see what each weight is worth. It stays in this browser.

This book has an address

Anyone who opens it rebuilds the same book, weight for weight.

igitur.xyz/b/compute-is-the-binding-constraint-on-1whzpop

Download as CSV Track this book

Compose another How the weights were set