Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li dir="ltr">Even before OpenAI announced the shutdown of Sora 2 (March 2026), Seeddance (Bytedance), Veo (Google) &amp; Kling (Kuaishou) had taken the lead on video foundation models, each owning a large video property—TikTok, YouTube and Kwai / Snack Video, respectively—with 1,000 terabytes/day of new videos serving as training data both in terms of raw video data volume and engagement metadata, doing in-house what OpenAI was forced to do via deals with Shutterstock and Disney ($1B investment).</li><li dir="ltr">Meanwhile, network effect social platforms Instagram (Meta) with 3B monthly active users (MAUs) and TikTok with 2B (ByteDance) dominated where consumers actually watched AI videos and where they went viral, versus the Sora app (~5M MAUs) which peaked at #1 in the App Store (October 2025) before falling out of the top 100 by January 2026, with monthly downloads dropping from ~3.3M in November to ~1M in February.</li><li dir="ltr">Burning $15M/day on video generation alone ($5.4B annualized) at ~$1.30 and ~40 min of GPU time per every 10-second clip and, with video requiring ~100x the compute of text and $225B+ in projected inference costs through 2030, OpenAI is increasingly redirecting GPUs toward Codex &amp; the strategic battleground of AI coding and the enterprise where they compete with Anthropic, leaving foundation model development in video to long-duration, profitable &amp; cash-generating players Google &amp; ByteDance.</li></ul>

Even before OpenAI announced the shutdown of Sora 2 (March 2026), Seeddance (Bytedance), Veo (Google) &amp; Kling (Kuaishou) had taken the lead on video foundation models, each owning a large video property—TikTok, YouTube and Kwai / Snack Video, respectively—with 1,000 terabytes/day of new videos serving as training data both in terms of raw video data volume and engagement metadata, doing in-house what OpenAI was forced to do via deals with Shutterstock and Disney ($1B investment).Meanwhile, network effect social platforms Instagram (Meta) with 3B monthly active users (MAUs) and TikTok with 2B (ByteDance) dominated where consumers actually watched AI videos and where they went viral, versus the Sora app (~5M MAUs) which peaked at #1 in the App Store (October 2025) before falling out of the top 100 by January 2026, with monthly downloads dropping from ~3.3M in November to ~1M in February.Burning $15M/day on video generation alone ($5.4B annualized) at ~$1.30 and ~40 min of GPU time per every 10-second clip and, with video requiring ~100x the compute of text and $225B+ in projected inference costs through 2030, OpenAI is increasingly redirecting GPUs toward Codex &amp; the strategic battleground of AI coding and the enterprise where they compete with Anthropic, leaving foundation model development in video to long-duration, profitable &amp; cash-generating players Google &amp; ByteDance.

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>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

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>
<strong>Compute Is Perishable Inventory:</strong> racks earn nothing merely plugged in, and unallocated GPU hours expire immediately. Hyperscaler returns hinge on billable utilisation before chip obsolescence erodes installed fleets' residual values.</li>
<li>
<strong>Accounting Masks Capital Exposure:</strong> disclosed off-balance-sheet commitments exceed $3.1 trillion. Useful-life extensions and lease reclassifications reduce reported headline capex without lowering actual cash outlays, obscuring true infrastructure intensity.</li>
<li>
<strong>Quality of Demand Is Shifting:</strong> Multi-year RPO backlogs offer duration visibility, not locked-in returns. With compute futures launching, spot-to-contract spreads and post-trial enterprise conversion will reveal true marginal capacity yield.</li>
</ul>



Compute Is Perishable Inventory: racks earn nothing merely plugged in, and unallocated GPU hours expire immediately. Hyperscaler returns hinge on billable utilisation before chip obsolescence erodes installed fleets' residual values.

Accounting Masks Capital Exposure: disclosed off-balance-sheet commitments exceed $3.1 trillion. Useful-life extensions and lease reclassifications reduce reported headline capex without lowering actual cash outlays, obscuring true infrastructure intensity.

Quality of Demand Is Shifting: Multi-year RPO backlogs offer duration visibility, not locked-in returns. With compute futures launching, spot-to-contract spreads and post-trial enterprise conversion will reveal true marginal capacity yield.


The Perishable Rack: AI Capex as an Inventory Cycle

Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Equity Bottom-Up

<ul><li>While we usually focus on e-commerce insights, in this piece we are pulling back the curtain on the technology that powers them.</li><li>Haris, from our AI Engineering team, shares a few nuggets from the R&amp;D we conduct to ensure our clients get the most accurate data possible.</li><li>At Cube, we have been testing Large Language Models (LLMs) for nearly 2 years now, using some of the standard analytics we do for our clients as a reference to benchmark their relative performance across 3 dimensions – accuracy, cost, and time.</li></ul>

While we usually focus on e-commerce insights, in this piece we are pulling back the curtain on the technology that powers them.Haris, from our AI Engineering team, shares a few nuggets from the R&amp;D we conduct to ensure our clients get the most accurate data possible.At Cube, we have been testing Large Language Models (LLMs) for nearly 2 years now, using some of the standard analytics we do for our clients as a reference to benchmark their relative performance across 3 dimensions – accuracy, cost, and time.

LLMs at Cube: Google Gemini leads as of end-2025, but the race is not yet over

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Flow Private Pools Index.</li><li>As of 8/10/26, the index had 43 active constituents and a total market value of $2.86 trillion.</li><li>The two largest constituents are Anthropic (46%) and OpenAI (33%). Note, these valuations reflect recent secondary-market bids and offers rather than a completed financing round.</li></ul></div>

WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Flow Private Pools Index.As of 8/10/26, the index had 43 active constituents and a total market value of $2.86 trillion.The two largest constituents are Anthropic (46%) and OpenAI (33%). Note, these valuations reflect recent secondary-market bids and offers rather than a completed financing round.

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - Aug 13, 2026

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI 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

OpenAI (2193707D US)

Why Sora Failed

TL;DR: Retreating from AI video, OpenAI is shutting down Sora and reallocating GPUs towards coding & enterprise to compete with Anthropic’s Claude...

Sacra

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

The Perishable Rack: AI Capex as an Inventory Cycle

We dissect how the hyperscaler build-out is an inventory cycle and not real estate. Why $725B in capex, $3.1T in off-balance commitments, and RPO...

Mint Finance

LLMs at Cube: Google Gemini leads as of end-2025, but the race is not yet over

While we usually focus on e-commerce insights, in this piece we are pulling back the curtain on the technology that powers them. Haris, from our...

Simon Torring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Why Sora Failed

TL;DR: Retreating from AI video, OpenAI is shutting down Sora and reallocating GPUs towards coding & enterprise to compete with Anthropic’s Claude...

Sacra

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

The Perishable Rack: AI Capex as an Inventory Cycle

We dissect how the hyperscaler build-out is an inventory cycle and not real estate. Why $725B in capex, $3.1T in off-balance commitments, and RPO...

Mint Finance

LLMs at Cube: Google Gemini leads as of end-2025, but the race is not yet over

While we usually focus on e-commerce insights, in this piece we are pulling back the curtain on the technology that powers them. Haris, from our...

Simon Torring

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - Aug 13, 2026

WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR...

Water Tower Research