Public Investments
A concentrated, conviction-driven portfolio. We prefer founder-led companies, but above all we invest in businesses led by exceptional leaders — with durable advantages in markets built to grow — and hold for the long term. This portfolio is intentionally concentrated in AI and its surrounding infrastructure — we believe AI will produce immense productivity gains and is the defining technological wave of our time.
Equity Holdings
Updated May 8, 2026
Led by Sir Peter Beck — a visionary engineer and savvy businessman with a commitment to beautiful engineering. Electron launches at tremendous cadence, and Neutron, their medium-lift rocket, is within a year of maiden launch. Once Neutron is operational, Rocket Lab has the capability to launch their own large-scale satellite constellation, creating an entirely vertically integrated space company.
The world's most advanced and dominant semiconductor manufacturer — a true monopoly on cutting-edge chip fabrication. Every leading AI chip from NVIDIA, AMD, Apple, and others runs through TSMC's fabs. The secular tailwind from AI compute demand makes this one of the most strategically important companies on the planet.
Gold as a long-term store of value and portfolio anchor. In an era of persistent deficit spending and currency debasement, hard assets with thousands of years of monetary history earn a meaningful allocation. A hedge against the things you can't control.
Dry powder. Earning yield while waiting for the right opportunity.
Digital gold with a fixed supply and growing institutional adoption. Bitcoin is the first truly scarce digital asset — a decentralized store of value outside the reach of any government or central bank. As sovereign debt spirals and currency debasement accelerates, Bitcoin's role as a hard asset alternative only grows.
Led by Lisa Su, one of the best CEOs in semiconductors. AMD competes with NVIDIA in GPUs, but the more compelling thesis is CPUs in the emerging world of agentic AI. As autonomous agents proliferate and inference workloads scale, CPU demand accelerates alongside GPU demand — and AMD is well-positioned to capture both.
Alphabet sits at the center of the AI era it helped create — deep expertise from DeepMind and Google Brain gives it advantages few can match. Google Cloud is growing rapidly as an AI infrastructure provider. Distribution through Search, YouTube, Android, and Chrome gives AI products instant scale at a reasonable multiple for the quality of the franchise.
AWS is the backbone of the cloud and an increasingly critical platform for AI workloads. Amazon's flywheel — retail, logistics, cloud, and now AI services — is one of the most durable compounding businesses ever built. Alexa, Bedrock, and AWS Trainium position Amazon as both an AI enabler and a direct beneficiary of the buildout.
A precision optical and electronic contract manufacturer that sits deep in the AI networking supply chain. As data centers scale and optical interconnect demand explodes, Fabrinet is a quiet beneficiary — manufacturing the components that make high-speed AI networking possible.
The architect of the AI computing era. NVIDIA's GPU dominance, CUDA moat, and networking stack through Mellanox make them indispensable to every serious AI training and inference workload. Jensen Huang's vision of a full-stack AI compute platform is being realized.
Cheap on an earnings basis with a compelling memory pricing setup. HBM demand from AI accelerators has given DRAM suppliers real pricing power, and that trend looks durable for years. A cyclical business at a favorable point in the cycle.