How concentrated this is
Holdings4
Weighted like3.5 equal ones
LargestVRT at 36.0%
Half the book2 names
Exposed to the premise90%
Half of this book is 2 names. If they are wrong, the rest will not save it.
Compute is the binding constraint on artificial intelligence, not model design.
This link was built against universe v1, and the published universe is now v2. Conviction scores and holdings may have been revised since, so the book below is not necessarily the one that was shared. See what changed.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the book36%Vertiv
Power and cooling inside the rack, where density fails first.
VRT · Equity · $262.89 · — · Compute buildout
−+×27%Broadcom
Custom accelerators for buyers who want off a single vendor's price list.
AVGO · Equity · $364.38 · — · Compute buildout
−+×27%Micron
High-bandwidth memory is the second bottleneck after the die.
MU · Equity · $1027.77 · — · Compute buildout
−+×10%0–3 Month Treasury Bill ETF
Cash that still earns while the thesis is early.
SGOV · Treasury · $100.49 · — · 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
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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-1whzpopOr fix it to a date
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