THE PHYSICAL LAYER OF AI

Investment Themes

Track where capital spending is moving, where supply is constrained and which public companies sit closest to the bottleneck.

Now

AI Compute

Accelerator demand remains the center of AI capital spending, but value is spreading into custom silicon and system architecture.

Now

Cluster scale is making networking, optics and interconnect a larger percentage of total system value.

Now

The constraint is moving from chips to electricity, cooling and electrical infrastructure.

Now

HBM content and data growth are turning memory from a commodity side note into a strategic AI bottleneck.

12–60 months

Power scarcity is restoring the strategic value of reliable nuclear generation and fuel security.

24–60 months

Robotics moves AI from software into sensors, timing, edge compute and physical systems.