AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Equity Bottom-Up

<ul><li>Broadcom makes the switch chips that let thousands of AI processors work as one machine, whoever made the processors.</li><li>It also designs the custom AI chips that Google, Meta, OpenAI and others are building to rely less on Nvidia.</li><li>So whichever way the biggest buyers turn, the work runs through Broadcom, and the risk sits with a handful of very powerful customers.</li></ul>

Broadcom makes the switch chips that let thousands of AI processors work as one machine, whoever made the processors.It also designs the custom AI chips that Google, Meta, OpenAI and others are building to rely less on Nvidia.So whichever way the biggest buyers turn, the work runs through Broadcom, and the risk sits with a handful of very powerful customers.

Broadcom is paid whether the cloud giants stay with Nvidia or leave

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Ken Griffin’s Citadel reported $875.01 billion in U.S. securities on its latest 13F, a figure that makes the hedge fund’s portfolio appear far larger than its actual equity holdings.</li><li>Roughly four-fifths of the filing consists of options, leaving $171.76 billion in disclosed equity positions.</li><li>The distinction matters because several different figures are used to describe Citadel’s size. </li></ul>

Ken Griffin’s Citadel reported $875.01 billion in U.S. securities on its latest 13F, a figure that makes the hedge fund’s portfolio appear far larger than its actual equity holdings.Roughly four-fifths of the filing consists of options, leaving $171.76 billion in disclosed equity positions.The distinction matters because several different figures are used to describe Citadel’s size. 

Ken Griffin Portfolio: Citadel Top Holdings (Q2 2026)

<ul><li>Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.</li><li>The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.</li><li>Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.</li></ul>

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Adventurous Investing For Grown Ups, The Adventurous Investor

Adventurous Investor

Adventurous Investing For Grown Ups

The Adventurous Investor

Introducing private investors to adventurous investment ideas. What does this mean in practice? I’d identify several core themes: Exchange-traded funds (ETFs) both in the US and the UK. I’ll look both at the theory underlying these very popular funds as well as the constant stream of new launches. I’ll also feature some model portfolios, with a simple mix of ETFs to suit all tastes. Alternative investment ideas. This is a deliberately wide brief but takes in everything from real asset-backed funds (property and infrastructure for instance) through to music and art…and most things in between. I’ll also journey on adventures overseas and look at alternative emerging and frontier countries and markets that should feature in your portfolio. From Russia to Africa and plenty of exciting places in between. For a UK audience I will also continue to regularly analyze and comment on the listed closed-end fund segment and investment trusts. Last but by no means least I’ll try and make sense of the big macro stories that impact investors. I’ll also weave into this my own slightly idiosyncratic views which I’m afraid mark me out as a liberal/ social-democratic inclined centrist Dad (which is I fear sometimes seen as a tag of shame in these radicalized days).

Cross Asset Strategy

<ul><li>Macro-wise, next week is crucial for labour market data, culminating in August’s US employment report (Fri), along with ISM’s manufacturing and services PMIs, revised Q2 productivity, and the Fed’s Beige Book.</li><li>The Bank of Canada meets Wednesday and is expected to hold. Palo Alto Networks, Broadcom, and Snowflake report earnings this week, following the strong reception given to Nvidia, Salesforce, and CrowdStrike last week.</li><li>The ISM surveys (manufacturing Tuesday, services Thursday) will also be closely watched as real-time indicators of whether the US economy is cooling in line with the softer labour data. </li></ul>

Macro-wise, next week is crucial for labour market data, culminating in August’s US employment report (Fri), along with ISM’s manufacturing and services PMIs, revised Q2 productivity, and the Fed’s Beige Book.The Bank of Canada meets Wednesday and is expected to hold. Palo Alto Networks, Broadcom, and Snowflake report earnings this week, following the strong reception given to Nvidia, Salesforce, and CrowdStrike last week.The ISM surveys (manufacturing Tuesday, services Thursday) will also be closely watched as real-time indicators of whether the US economy is cooling in line with the softer labour data. 

Weekly letter: Warsh reassures bond investors and hurts gold prices, Nvidia’s impressive numbers...

<ul><li>Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre.</li><li>Those lasers have to be grown on a fragile crystal that only a few factories in the world can work at volume, and demand is running well ahead of supply.</li><li>That is why Nvidia, a chip company, paid $2 billion to make sure Lumentum builds more of them.</li></ul>

Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre.Those lasers have to be grown on a fragile crystal that only a few factories in the world can work at volume, and demand is running well ahead of supply.That is why Nvidia, a chip company, paid $2 billion to make sure Lumentum builds more of them.

Nvidia paid Lumentum $2 billion for lasers, because silicon cannot make light

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Broadcom (AVGO US)

Broadcom is paid whether the cloud giants stay with Nvidia or leave

Broadcom makes the switch chips that let thousands of AI processors work as one machine, whoever made the processors. It also designs the custom...

The Physical Layer

Ken Griffin Portfolio: Citadel Top Holdings (Q2 2026)

Citadel reports $76 billion in investment capital, while its regulatory filing lists $570.62 billion in assets under management. Neither figure...

Hedge Fund Alpha

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

Weekly letter: Warsh reassures bond investors and hurts gold prices, Nvidia’s impressive numbers...

The ISM surveys (manufacturing Tuesday, services Thursday) will also be closely watched as real-time indicators of whether the US economy is...

Adventurous Investor

Nvidia paid Lumentum $2 billion for lasers, because silicon cannot make light

Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre. Those lasers have to be grown...

The Physical Layer

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)