How concentrated this is
Holdings6
Weighted like5.3 equal ones
LargestAVGO at 23.3%
Half the book3 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 book23.3%Broadcom
Custom accelerators for buyers who want off a single vendor's price list.
AVGO · Equity · $364.38 · — · Compute buildout
−+×23.3%Vertiv
Power and cooling inside the rack, where density fails first.
VRT · Equity · $262.89 · — · Compute buildout
−+×20.3%Micron
High-bandwidth memory is the second bottleneck after the die.
MU · Equity · $1027.77 · — · Compute buildout
−+×13.4%Arista Networks
The switching fabric between accelerators.
ANET · Equity · $192.93 · — · Compute buildout
−+×9.7%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
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igitur.xyz/b/compute-is-the-binding-constraint-on-1whzpopOr fix it to a date
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