Portfolio

Q4 2025 holdings treemap

29 verified positions. Bloom Energy anchors at 20.6%, CoreWeave calls at 18.2%, Lumentum at 11.2%. Click any tile for details.

Gas & Turbines
AI Cloud & Neoclouds
Optical Networking
HBM Memory
Fabs & Foundries
Data Center REITs
Cybersecurity
Top 10 by weight

The concentrated bets

  • 1Bloom Energy
    BE
    Bloom Energy
    20.6%
    $875.5M
  • 2CoreWeave (calls)
    CRWV
    CoreWeave (calls)
    18.2%
    $775.0M
  • 3Lumentum
    LITE
    Lumentum
    11.2%
    $478.6M
  • 4Core Scientific
    CORZ
    Core Scientific
    9.8%
    $418.7M
  • 5IREN (Iris Energy)
    IREN
    IREN (Iris Energy)
    7.7%
    $328.6M
  • 6Applied Digital
    APLD
    Applied Digital
    6.5%
    $278.0M
  • 7SanDisk
    SNDK
    SanDisk
    5.9%
    $250.3M
  • 8Cipher Mining
    CIFR
    Cipher Mining
    3.6%
    $154.5M
  • 9EQT Corp
    EQT
    EQT Corp
    3.1%
    $133.1M
  • 10Coherent
    COHR
    Coherent
    2.1%
    $88.7M
Portfolio evolution

Three phases. One conclusion.

The thesis migrated from silicon to electrons in under a year.

1
Phase 1
Picks & Shovels
Q4 2024 — early 2025

Classic semiconductor thesis. Long the chip supply chain.

Added
INTCAVGOTSMNVDAVSTCEG
2
Phase 2
Power Expansion
mid-2025

Added power + bitcoin miners to the mix. Began hedging with chip puts. Long infrastructure, short chips.

Added
CORZIRENAPLDBELITE
3
Phase 3
Full Pivot
Q4 2025

Exited all marquee chip names. Bloom Energy became #1. Infrastructure bottleneck has migrated from silicon to electrons.

Added
EQTCIFRRIOTHUTBTDRCOHRTSEMINFY
Exited
NVDAAVGOTSMMUVSTCEGGLXYGDX