Here’s the conclusion up front: M5 Max is the most impressive piece of silicon I’ve used in a laptop. It’s more efficient and more performant, theoretically cheaper and more sustainable to manufacture with less waste, an AI powerhouse, and still runs in a laptop that lasts all day. I can’t think of an SoC or…

In Part 1 we laid out the case for the copper-to-fiber transition via the physics forcing function, the superlinear scaling of connectivity costs, and the TAM repricing that we believe is still underappreciated. Part 2 is our continuation where we connect the thesis to specific companies, specific timelines, and specific risks. We profile nine companies…

Key thesis: Connectivity is becoming the binding constraint in AI infrastructure. This will only compound with inference at scale. The transition from copper to optical interconnects is structural and the braoder market is mispricing the secular growth embedded in this shift. The Thesis As GPU clusters scale toward millions of accelerators, the physical medium linking…

Anthropic just raised $30 billion at a $380 billion valuation and that got most of the headlines, though the more telling figure is the $14 billion current annualized revenue run-rate, achieved less than three years after the company booked its first dollar. Salesforce required 16 years to reach $14 billion in annual revenue. Anthropic has…

There is a physical infrastructure dimension to the AI and software story that the market-level debate entirely overlooks. In conversations we had with Michael Dell, and other Dell executives last summer, a thesis emerged that we believe will reshape how enterprises interact with software over the next three to five years. Michael Dell’s perspective is…

The memory semiconductor industry went from roughly $85–90 billion in revenue at its 2023 trough to a trajectory that reaches $800–850 billion by 2027. That is roughly a 9× increase in four years. No segment of the semiconductor industry has ever grown this fast at this scale. The numbers forecasted, at approximately $550–570 billion in…