Theme · AI Compute
Every dollar of model intelligence flows through silicon. AI compute is the gating constraint and the largest capex line in the trade. The companies designing, fabricating, and networking the chips that train and serve frontier models. The incumbent (NVIDIA) and the credible challengers (AMD, Broadcom custom silicon, Cerebras for inference) sit on top of a stack that runs back through TSMC and ASML. When the trade has been wrong, it's been wrong here first.
AI Compute · 1d avg
8 tickers tracked
Signals (three independent reads)
Fund momentum
0
Funds steady — no meaningful 13F changes this quarter.
Sentiment trend (7d)
-2
17 articles · 0% bullish · split.
Canon citations
4
3 bullish, 1 structural from Aschenbrenner, Sutton, Sequoia, Andreessen.
“The trillion-dollar cluster is coming. Compute is the binding constraint, not capital.”
Aschenbrenner · bullish
“Methods that leverage computation are ultimately the most effective, and by a large margin.”
Sutton · structural
“Compute is the picks and shovels. Demand from the application layer compounds.”
Sequoia · bullish
“The cost of intelligence is falling on a Moore's Law-like curve. Every layer above benefits.”
Andreessen · bullish
Parallel readings, not a composite score. Composite scoring lands in v3 once each signal validates against subsequent moves.
Constituents · ranked by today’s perf
News in this theme
finance.yahoo.com · 1h ago
bearishGreen Thumb Industries is in a strong position to acquire other cannabis companies, but will that happen?
finance.yahoo.com · 2h ago
bearishCould this little-known biotech be a hidden gem?
finance.yahoo.com · 2h ago
neutralIt's a winner in a shrinking U.S. market, and it's not like the company's crushing it outside of the United States either.
Yahoo · 6h ago
neutralCustom AI chips will see more demand over the next few years.
Yahoo · 6h ago
neutralTexas Gov. Greg Abbott delivered one of the starkest warnings yet from a Republican to the AI industry, saying data center companies "dug their own grave" and deserve the backlash they're facing after failing to win community support.
CNBC · 7h ago
neutralNvidia reports earnings, and Fed Chairman Kevin Warsh is set to deliver his first Jackson Hole speech.
Top fund exposures to AI Compute
Funds holding the most of this theme
| Fund | Positions | % of portfolio |
|---|---|---|
| Altimeter CapitalCapital · Compute · Talent. The loudest public voice on the AI-capex bull case. | 4 | 48.3% |
| Tiger Global ManagementMega-cap AI conviction. Public + private crossover. | 5 | 26.2% |
| Coatue ManagementAI-heavy hedge fund. Semis + hyperscaler exposure. | 6 | 20.3% |
| Maverick CapitalTech long/short. Tiger Cub lineage, concentrated AI positions. | 6 | 13.5% |
| ARK InvestPure-play disruptive thesis. AI + robotics + quantum across ARKK, ARKQ, ARKW. | 5 | 10.7% |