How concentrated this is
Holdings5
Weighted like4.6 equal ones
LargestTSM at 24.8%
Half the portfolio3 names
Exposed to the premise90%
90% of this book is one theme. It is a bet on Compute buildout, not a spread of them.
Compute is the binding constraint on artificial intelligence, not model design.
Universe v2 (assumed — this link predates the field)· No stated date on this link
Every holding, and why it is that size
Restore the portfolio24.8%Taiwan Semiconductor
Leading-edge dies are fabricated here or they are not fabricated.
TSM · Equity · $426.53 · — · Compute buildout
−+×24.2%Micron
High-bandwidth memory is the second bottleneck after the die.
MU · Equity · $1027.77 · — · Compute buildout
−+×22.8%Vertiv
Power and cooling inside the rack, where density fails first.
VRT · Equity · $262.89 · — · Compute buildout
−+×18.2%Super Micro Computer
Integration and assembly — real volume, thinnest moat in the chain.
SMCI · Equity · $38.93 · — · 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
Percentages, converted. Nothing is sent anywhere.
Enter an amount to see what each weight is worth. It stays in this browser.
Put this claim on the record
Nothing else here is kept — close the tab and this portfolio is gone. Commit it and the claim, with these weights, is measured from the day the server saw it, win or lose, permanently.
This portfolio has an address
Anyone who opens it rebuilds the same portfolio, weight for weight.
igitur.xyz/b/compute-is-the-binding-constraint-on-1whzpop