Constraint-driven investing
We don't ask who wins.We ask what's binding.
Compute doesn't stop scaling because anyone runs out of ideas. It stops because a transformer takes three years to build and a grid connection takes seven.
We find the rate-limiting step in the physical layer of AI, hold it until it clears, and size it small enough to still be there when it does.
Constraint map
Time to clear.
How long it physically takes to relieve each constraint. Longer bar, longer shortage. Select a row for detail.
Grid interconnection — US, new large load
A data center that can't connect doesn't run. US interconnection queues run four to seven years, which means already-approved capacity is worth more than the land under it. That is why we spend most of our time on who holds energized sites, not on who builds the racks.
Discipline
Risk comes first.
Being right doesn't help if you're forced out first. Three limits we don't raise, whatever the conviction.
8%Max single position, share of NAV
1.5×Max gross exposure, long and short combined
5 daysFull exit at average daily volume