ComposeCompareHistoryTrendingTrackUniverseMethodTokenStatusAboutTerms
Your book

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

Compute buildoutAggressive3–5 years6 holdingsConfidence 54%4 removed3 reweighted
Universe v2 (assumed — this link predates the field)· No stated date on this link
igitur.xyz/b/compute-is-the-binding-constraint-on-1whzpop
MU35.5%
ANET23.4%
AVGO11.8%
SMH9.7%
SMCI9.6%
SGOV10%
Lead positionConviction, descendingBallastWidths are weights · total 100%

Every holding, and why it is that size

Restore the book
35.5%Micron
High-bandwidth memory is the second bottleneck after the die.
MU · Equity · $80.69 · $2.72T · Compute buildout
−+×
23.4%Arista Networks
The switching fabric between accelerators.
ANET · Equity · $18.34 · $2.20T · Compute buildout
−+×
11.8%Broadcom
Custom accelerators for buyers who want off a single vendor's price list.
AVGO · Equity · $145.87 · $211B · Compute buildout
−+×
9.7%Semiconductor ETF
Broad exposure for the part that is not a single-name bet.
SMH · ETF · $1327.97 · $367B · Compute buildout
−+×
9.6%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 CSVTrack this book

Or fix it to a date

Put the claim on the public record — with these weights — and it is measured from the day the server saw it, win or lose, permanently.

Compose anotherHow the weights were set