Jackson Peak Capital

Investor Summary

Pat O'Brien, Founder and Managing Member of Jackson Peak Capital LLC, brings over thirteen years of experience in public and private markets investing. Prior to founding Jackson Peak Capital, he was an investor at Serent Capital, a technology-focused private equity firm with $5 billion in assets under management. Before Serent Capital, he spent seven years at J.P. Morgan advising consumer internet and software companies on the Technology Investment Banking team in San Francisco and began his career on J.P. Morgan's Rates Sales & Trading desk in New York. O'Brien holds a BBA in Finance from the University of Notre Dame, graduating cum laude.

Fund Strategy

Jackson Peak Capital operates a concentrated, long/short equity strategy designed to deliver attractive absolute returns across market environments with low correlation to overall equity markets. The firm focuses on asymmetric return profiles and downside protection through a portfolio divided into core longs, special situations, and alpha shorts. On the long side, the firm targets undervalued companies with strong fundamentals, while on the short side it focuses on overvalued or competitively challenged businesses. The strategy emphasizes dynamic net exposure management and nimble portfolio positioning to capitalize on market inefficiencies.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
26.4%	-21%	-21%

Executive Summary

Jackson Peak returned -21.0% net in Q1 2026, underperforming due to elevating tech exposure just prior to the Iran conflict triggering a broad pullback and event-driven positions moving against them. The fund maintains conviction in AI infrastructure acceleration, noting the most important inflection in LLM capability since ChatGPT launched. Frontier models from Anthropic and OpenAI have improved dramatically, driving parabolic token usage growth and structural compute shortages. Core Scientific emerged as the largest position, benefiting from valuable data center co-location capacity amid supply shortages. The portfolio ended Q1 with 36% net exposure, up from 25%, positioned for continued AI infrastructure strength. Key contributors included Comfort Systems on the labor side of AI capex and Zoom capturing Anthropic stake re-rating. EchoStar remains a significant event-driven position ahead of the SpaceX IPO. Q2 has started stronger as AI acceleration gains market recognition and geopolitical tensions ease, creating a constructive setup for the strategy.

Forward Outlook

Q2 is off to a stronger start as bullish view on AI acceleration is materializing alongside geopolitical tensions easing and event-driven positions beginning to move in favor. The combination of less lopsided market positioning and an accelerating AI cycle sets up constructively if the Iran conflict can be resolved.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 31 2026	2026 Q1	BL, CORZ, CRM, ENR.DE, FIX, SATS, ZM	AI, energy, Event-Driven, infrastructure, Long/Short, technology	CORZ	Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most significant LLM capability inflection since ChatGPT, driving structural compute shortages. Core Scientific leads positioning in data center co-location capacity. Q2 outlook improves as AI progress gains recognition and geopolitical tensions ease.
Feb 18 2026	2025 Q4	CFLT, CORZ, GTLB, PZZA, QQQ, SATS	Event-Driven, Exposure Management, Long/Short, M&A, technology, valuation	SATS	Jackson Peak delivered +14.0% in Q4 through event-driven M&A plays and tactical exposure management. Confluent's IBM acquisition validated their thesis while EchoStar position captures SpaceX IPO optionality. Net exposure cut from 55% to 25% amid stretched valuations. Strong 2025 performance of +82.9% demonstrates strategy effectiveness across market environments.
Nov 27 2025	2025 Q3	CFLT, GTLB, TSLA, TTD, UNH	AI, Event-Driven, Long/Short, momentum, Power, Speculation, volatility	CFLT	Jackson Peak returned -2.9% in Q3 as momentum dominated fundamentals in speculative markets. The fund capitalized on AI infrastructure power opportunities and event-driven positions in Confluent and Tesla. With markets at historical extremes pricing in substantial good news, the manager anticipates potential pullback while maintaining 55% net exposure across US and European long positions.
Jul 27 2025	2025 Q2	BABA, ENR.DE, HEI.DE, IWM, LDO.MI, META, PLTR, RHM.DE, TTAN	AI, defense, Europe, Long/Short, SPACs, tariffs, volatility	TTAN	Jackson Peak delivered +24.0% in Q2 2025, outperforming during April's tariff-driven selloff through concentrated long/short positioning. Key drivers included profitable SPAC trades, AI thesis plays like META, and European defense exposure. Net exposure increased to 56% with geographic diversification. Manager sees fat-tailed risks ahead but remains excited about opportunities from volatile market conditions.
May 30 2025	2025 Q1	COIN, HPE, MU, NVDA, PDD, TSLA	AI, China, crypto, Election, Fed, international, Long/Short, technology	TSLA COIN PDD NVDA MU HPE	Jackson Peak delivered +20.2% in 2024 through event-driven election trades and AI positioning, but has turned defensive post-Fed meeting. The fund is shifting from US to international exposure amid concerns over elevated valuations and policy uncertainty. Strong performance driven by Tesla, Coinbase, and Nvidia, while maintaining disciplined risk management approach.
Feb 8 2024	2024 Q4	COIN, HPE, IWM, MU, NVDA, PDD, QQQ, TSLA	AI, China, Election, Event Driven, Hedging, Long/Short, technology	TSLA COIN PDD NVDA MU HPE	Jackson Peak delivered 20.2% net returns in 2024 through successful event-driven trades around the election, particularly Tesla and Coinbase positions, plus Chinese ADR investments. The fund has shifted defensive post-December Fed meeting, increasing cash and international exposure while reducing US equity bias. Manager sees cracks in bull market foundation but expects opportunities from policy changes and international themes.
Aug 2 2024	2023 Q4	ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT	AI, interest rates, Long/Short, Merger Arbitrage, rates, special situations, technology	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC ATVI LESL EDR	Jackson Peak delivered 11.8% in Q3 through disciplined long-short execution across AI beneficiaries, merger arbitrage, and strategic shorts. Manager tactically reduced exposure amid rate concerns while maintaining conviction in AI data centers and special situations. Strong performance across all portfolio buckets demonstrates the strategy's ability to generate returns in challenging markets through asymmetric positioning.
Aug 11 2023	2023 Q3	ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT	AI, interest rates, Long/Short, Merger Arbitrage, real estate, special situations, technology	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC ATVI LESL	Jackson Peak delivered +11.8% in Q3 2023 through disciplined long-short execution, reducing net exposure amid rising rates while capturing wins across AI beneficiary Vertiv, Microsoft/Activision arbitrage, and COVID over-earner shorts. The fund's alternative approach demonstrated strong downside protection in challenging markets, positioning for continued special situations opportunities in merger arbitrage and undervalued holding companies.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 31 2026

2026 Q1

BL, CORZ, CRM, ENR.DE, FIX, SATS, ZM

AI, energy, Event-Driven, infrastructure, Long/Short, technology

CORZ

Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most significant LLM capability inflection since ChatGPT, driving structural compute shortages. Core Scientific leads positioning in data center co-location capacity. Q2 outlook improves as AI progress gains recognition and geopolitical tensions ease.

Feb 18 2026

2025 Q4

CFLT, CORZ, GTLB, PZZA, QQQ, SATS

Event-Driven, Exposure Management, Long/Short, M&A, technology, valuation

SATS

Jackson Peak delivered +14.0% in Q4 through event-driven M&A plays and tactical exposure management. Confluent's IBM acquisition validated their thesis while EchoStar position captures SpaceX IPO optionality. Net exposure cut from 55% to 25% amid stretched valuations. Strong 2025 performance of +82.9% demonstrates strategy effectiveness across market environments.

Nov 27 2025

2025 Q3

CFLT, GTLB, TSLA, TTD, UNH

AI, Event-Driven, Long/Short, momentum, Power, Speculation, volatility

CFLT

Jackson Peak returned -2.9% in Q3 as momentum dominated fundamentals in speculative markets. The fund capitalized on AI infrastructure power opportunities and event-driven positions in Confluent and Tesla. With markets at historical extremes pricing in substantial good news, the manager anticipates potential pullback while maintaining 55% net exposure across US and European long positions.

Jul 27 2025

2025 Q2

BABA, ENR.DE, HEI.DE, IWM, LDO.MI, META, PLTR, RHM.DE, TTAN

AI, defense, Europe, Long/Short, SPACs, tariffs, volatility

TTAN

Jackson Peak delivered +24.0% in Q2 2025, outperforming during April's tariff-driven selloff through concentrated long/short positioning. Key drivers included profitable SPAC trades, AI thesis plays like META, and European defense exposure. Net exposure increased to 56% with geographic diversification. Manager sees fat-tailed risks ahead but remains excited about opportunities from volatile market conditions.

May 30 2025

2025 Q1

COIN, HPE, MU, NVDA, PDD, TSLA

AI, China, crypto, Election, Fed, international, Long/Short, technology

TSLA
COIN
PDD
NVDA
MU
HPE

Jackson Peak delivered +20.2% in 2024 through event-driven election trades and AI positioning, but has turned defensive post-Fed meeting. The fund is shifting from US to international exposure amid concerns over elevated valuations and policy uncertainty. Strong performance driven by Tesla, Coinbase, and Nvidia, while maintaining disciplined risk management approach.

Feb 8 2024

2024 Q4

COIN, HPE, IWM, MU, NVDA, PDD, QQQ, TSLA

AI, China, Election, Event Driven, Hedging, Long/Short, technology

TSLA
COIN
PDD
NVDA
MU
HPE

Jackson Peak delivered 20.2% net returns in 2024 through successful event-driven trades around the election, particularly Tesla and Coinbase positions, plus Chinese ADR investments. The fund has shifted defensive post-December Fed meeting, increasing cash and international exposure while reducing US equity bias. Manager sees cracks in bull market foundation but expects opportunities from policy changes and international themes.

Aug 2 2024

2023 Q4

ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT

AI, interest rates, Long/Short, Merger Arbitrage, rates, special situations, technology

Jackson Peak delivered 11.8% in Q3 through disciplined long-short execution across AI beneficiaries, merger arbitrage, and strategic shorts. Manager tactically reduced exposure amid rate concerns while maintaining conviction in AI data centers and special situations. Strong performance across all portfolio buckets demonstrates the strategy's ability to generate returns in challenging markets through asymmetric positioning.

Aug 11 2023

2023 Q3

ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT

AI, interest rates, Long/Short, Merger Arbitrage, real estate, special situations, technology

Jackson Peak delivered +11.8% in Q3 2023 through disciplined long-short execution, reducing net exposure amid rising rates while capturing wins across AI beneficiary Vertiv, Microsoft/Activision arbitrage, and COVID over-earner shorts. The fund's alternative approach demonstrated strong downside protection in challenging markets, positioning for continued special situations opportunities in merger arbitrage and undervalued holding companies.

QUARTER	THEMES	TAGS
2026 Q1	AI AI progress has accelerated meaningfully over the last three to six months with the most important inflection in LLM capability since ChatGPT launched. Frontier model capabilities have improved dramatically, expanding the surface area to non-coders while making power users more productive, driving a parabolic surge in token usage. The demand for compute and power across the AI infrastructure value chain remains structurally short of supply.	Infrastructure Compute LLM Anthropic OpenAI
	Data Centers The AI capex cycle is driving second-derivative effects in the fundamentals of underlying companies. Core Scientific benefits from the compute shortage as it has valuable data center co-location capacity, which is structurally short of supply. The company has approximately 1.5 GW of total leasable power in the pipeline with management in active dialogue with multiple parties.	Colocation Power Infrastructure Capacity
	Energy The Iran conflict drove higher energy prices which weigh on inflation and growth. Energy demand for AI data centers continues to increase secularly. Siemens Energy benefits from the secular increase in energy demand for AI data centers and European fiscal stimulus for grid and energy infrastructure.	Infrastructure Grid Demand
2025 Q4	AI AI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager questions whether this singular bet on five companies' data center CAPEX spending will persist, noting the market's extreme concentration around this theme.	Infrastructure Data Centers CAPEX
	Small Caps Small caps continued to underperform large caps in 2025's narrow market. The manager notes that small cap returns were dominated by AI infrastructure plays and speculative unprofitable companies, creating extreme bifurcation in performance.	Russell 2000 Performance Underperformance
	Quality Quality businesses today trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager sees this as creating opportunities for quality-focused investors in an actively managed portfolio approach.	Valuation Multiples Cheap
2025 Q3	AI Jackson Peak identified attractive opportunities in AI infrastructure power supply chain, specifically high-performance computing companies with existing data center infrastructure and reliable power access. Several positions were former bitcoin miners that pivoted to data center compute. Big tech companies contracted with these firms to utilize their data centers and power due to longer timelines for greenfield development.	Data Centers Power Infrastructure Computing
	Risk Appetite Q3 was characterized by extreme speculative activity with momentum dominating price action independent of fundamentals. The Goldman Sachs Speculative Trading Indicator posted one of its sharpest 3-month spikes on record. Markets maintained an unrelenting bid upward with remarkably low volatility, creating conditions where any dip was swiftly bought.	Speculation Momentum Volatility Market Dynamics
2025 Q2	AI Focus on companies leveraging AI to enhance core operations as large language models become enterprise-ready. Researching software companies that could benefit from AI instead of being cannibalized by it. META and BABA represent this thesis.	Enterprise AI Language Models Software Operations Displacement Risk
	Defense Spending European rearmament and greater self-reliance driven by Russia-Ukraine war and JD Vance's Munich Security Conference speech. Investing in fiscal stimulus and rearmament beneficiaries including Rheinmetall and Leonardo.	Rearmament European Defense Fiscal Stimulus Self-reliance
	SPACs Event-driven trade capitalizing on attractive entry into SPACs trading near NAV with favorable characteristics. Active in 21 SPACs across common stock, units, warrants, rights and options, contributing +12.1% gross return.	Event-driven NAV Warrants Units Rights
	Energy Transition Siemens Energy seeing robust demand with orders growing 52% year-over-year as the company reported strong quarterly results and raised outlook for the year.	Grid Infrastructure Energy Equipment Order Growth
2025 Q1	AI AI capex cycle has underpinned much of the market rally since 2023, with Nvidia as the leader. The manager held positions in AI-related companies including Nvidia, Micron for memory and storage solutions, and Hewlett Packard Enterprise in the AI hardware value chain.	Nvidia Capex Hardware Memory Storage
	Crypto Positioned long in Coinbase for an event-driven trade around the US election, seeing opportunity for crypto industry to reprice under a different regulatory regime. The prior administration took an adversarial approach to crypto companies.	Coinbase Regulatory Election Bitcoin
	E-commerce Held Pinduoduo as part of a basket of Chinese ADRs, with the thesis that Chinese ecommerce companies were trading at attractive valuations as Chinese government stimulus efforts gained momentum.	Pinduoduo China Valuations Stimulus
2024 Q4	AI AI capex cycle has underpinned much of the market rally since 2023, with Nvidia as the leader. The fund held positions in AI-related companies including Nvidia, Micron for memory and storage solutions, and Hewlett Packard Enterprise in the AI hardware value chain.	Nvidia Semiconductors Hardware Capex Memory
	Crypto Positioned long in Coinbase for an event-driven trade around the US election, anticipating regulatory regime changes under the new administration. The crypto industry saw their preferred candidate win, leading to a significant rally as markets repriced potential outcomes.	Coinbase Regulation Election Policy
	Electric Vehicles Held Tesla as an event-driven trade into and following the US election, with significant position additions after the election. The position benefited from the connection between Elon Musk and the winning candidate, leading to a repricing of right-tail distributions.	Tesla Election Regulation Policy
	China Invested in Chinese ADRs including Pinduoduo, viewing them as trading near all-time low valuations while the Chinese government began taking stimulus seriously. The thesis was based on attractive valuations with PDD trading at mid-single digit P/E with large cash position.	ADRs Stimulus Valuations E-commerce
2023 Q4	AI Manager remains bullish on AI tailwinds but trimmed exposure during Q3 amid peak optimism and market crowding. Portfolio retains exposure to companies with direct operations in the AI cycle, particularly data center thermal management. Will look to add back other AI beneficiaries when positioning is less crowded.	Data Centers Semiconductors Technology Growth Momentum
	Rates Manager became particularly focused on long-term interest rates after Treasury's higher-than-expected bond issuance announcement. Real rates moving significantly positive after 15 years of negative/near-zero levels could create widespread negative carry effects for leveraged assets. Monitoring rate levels closely for risk management and short idea generation.	Interest Rates Treasury Inflation Monetary Policy Credit Stress
	Biopharma M&A Manager participated in Microsoft/Activision merger arbitrage successfully and sees continued opportunities in large merger arbitrage spreads. Weak antitrust cases continue to be brought forward due to politics, creating attractive risk/reward positions when facts favor defendants. Currently following JetBlue/Spirit Airlines case closely.	Mergers Arbitrage Antitrust Regulatory Special Situations
2023 Q3	AI Manager remains bullish on AI tailwind but trimmed exposure during Q3 amid peak optimism. Portfolio retains exposure to names with direct operations in this AI cycle stage. Vertiv contributed significantly as it serves thermal management in rapidly constructed AI data centers.	Data Centers Semiconductors Cloud Technology Growth
	Rates Manager became cautious due to surge in long-term interest rates, particularly after Treasury's QRA announcement. Focus on real rates impact given 15 years of accommodation. Higher rates create negative carry for leveraged assets and raise hurdle rates for risk assets.	Interest Rates Treasury Monetary Policy Real Rates Fixed Income

QUARTER

THEMES

AI

AI progress has accelerated meaningfully over the last three to six months with the most important inflection in LLM capability since ChatGPT launched. Frontier model capabilities have improved dramatically, expanding the surface area to non-coders while making power users more productive, driving a parabolic surge in token usage. The demand for compute and power across the AI infrastructure value chain remains structurally short of supply.

Infrastructure Compute LLM Anthropic OpenAI

Data Centers

The AI capex cycle is driving second-derivative effects in the fundamentals of underlying companies. Core Scientific benefits from the compute shortage as it has valuable data center co-location capacity, which is structurally short of supply. The company has approximately 1.5 GW of total leasable power in the pipeline with management in active dialogue with multiple parties.

Colocation Power Infrastructure Capacity

Energy

The Iran conflict drove higher energy prices which weigh on inflation and growth. Energy demand for AI data centers continues to increase secularly. Siemens Energy benefits from the secular increase in energy demand for AI data centers and European fiscal stimulus for grid and energy infrastructure.

Infrastructure Grid Demand

2025 Q4

AI

AI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager questions whether this singular bet on five companies' data center CAPEX spending will persist, noting the market's extreme concentration around this theme.

Infrastructure Data Centers CAPEX

Small Caps

Small caps continued to underperform large caps in 2025's narrow market. The manager notes that small cap returns were dominated by AI infrastructure plays and speculative unprofitable companies, creating extreme bifurcation in performance.

Russell 2000 Performance Underperformance

Quality

Quality businesses today trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager sees this as creating opportunities for quality-focused investors in an actively managed portfolio approach.

Valuation Multiples Cheap

2025 Q3

AI

Jackson Peak identified attractive opportunities in AI infrastructure power supply chain, specifically high-performance computing companies with existing data center infrastructure and reliable power access. Several positions were former bitcoin miners that pivoted to data center compute. Big tech companies contracted with these firms to utilize their data centers and power due to longer timelines for greenfield development.

Data Centers Power Infrastructure Computing

Risk Appetite

Q3 was characterized by extreme speculative activity with momentum dominating price action independent of fundamentals. The Goldman Sachs Speculative Trading Indicator posted one of its sharpest 3-month spikes on record. Markets maintained an unrelenting bid upward with remarkably low volatility, creating conditions where any dip was swiftly bought.

Speculation Momentum Volatility Market Dynamics

2025 Q2

AI

Focus on companies leveraging AI to enhance core operations as large language models become enterprise-ready. Researching software companies that could benefit from AI instead of being cannibalized by it. META and BABA represent this thesis.

Enterprise AI Language Models Software Operations Displacement Risk

Defense Spending

European rearmament and greater self-reliance driven by Russia-Ukraine war and JD Vance's Munich Security Conference speech. Investing in fiscal stimulus and rearmament beneficiaries including Rheinmetall and Leonardo.

Rearmament European Defense Fiscal Stimulus Self-reliance

SPACs

Event-driven trade capitalizing on attractive entry into SPACs trading near NAV with favorable characteristics. Active in 21 SPACs across common stock, units, warrants, rights and options, contributing +12.1% gross return.

Event-driven NAV Warrants Units Rights

Energy Transition

Siemens Energy seeing robust demand with orders growing 52% year-over-year as the company reported strong quarterly results and raised outlook for the year.

Grid Infrastructure Energy Equipment Order Growth

2025 Q1

AI

AI capex cycle has underpinned much of the market rally since 2023, with Nvidia as the leader. The manager held positions in AI-related companies including Nvidia, Micron for memory and storage solutions, and Hewlett Packard Enterprise in the AI hardware value chain.

Nvidia Capex Hardware Memory Storage

Crypto

Positioned long in Coinbase for an event-driven trade around the US election, seeing opportunity for crypto industry to reprice under a different regulatory regime. The prior administration took an adversarial approach to crypto companies.

Coinbase Regulatory Election Bitcoin

E-commerce

Held Pinduoduo as part of a basket of Chinese ADRs, with the thesis that Chinese ecommerce companies were trading at attractive valuations as Chinese government stimulus efforts gained momentum.

Pinduoduo China Valuations Stimulus

2024 Q4

AI

AI capex cycle has underpinned much of the market rally since 2023, with Nvidia as the leader. The fund held positions in AI-related companies including Nvidia, Micron for memory and storage solutions, and Hewlett Packard Enterprise in the AI hardware value chain.

Nvidia Semiconductors Hardware Capex Memory

Crypto

Positioned long in Coinbase for an event-driven trade around the US election, anticipating regulatory regime changes under the new administration. The crypto industry saw their preferred candidate win, leading to a significant rally as markets repriced potential outcomes.

Coinbase Regulation Election Policy

Electric Vehicles

Held Tesla as an event-driven trade into and following the US election, with significant position additions after the election. The position benefited from the connection between Elon Musk and the winning candidate, leading to a repricing of right-tail distributions.

Tesla Election Regulation Policy

China

Invested in Chinese ADRs including Pinduoduo, viewing them as trading near all-time low valuations while the Chinese government began taking stimulus seriously. The thesis was based on attractive valuations with PDD trading at mid-single digit P/E with large cash position.

ADRs Stimulus Valuations E-commerce

2023 Q4

AI

Manager remains bullish on AI tailwinds but trimmed exposure during Q3 amid peak optimism and market crowding. Portfolio retains exposure to companies with direct operations in the AI cycle, particularly data center thermal management. Will look to add back other AI beneficiaries when positioning is less crowded.

Data Centers Semiconductors Technology Growth Momentum

Rates

Manager became particularly focused on long-term interest rates after Treasury's higher-than-expected bond issuance announcement. Real rates moving significantly positive after 15 years of negative/near-zero levels could create widespread negative carry effects for leveraged assets. Monitoring rate levels closely for risk management and short idea generation.

Interest Rates Treasury Inflation Monetary Policy Credit Stress

Biopharma M&A

Manager participated in Microsoft/Activision merger arbitrage successfully and sees continued opportunities in large merger arbitrage spreads. Weak antitrust cases continue to be brought forward due to politics, creating attractive risk/reward positions when facts favor defendants. Currently following JetBlue/Spirit Airlines case closely.

Mergers Arbitrage Antitrust Regulatory Special Situations

2023 Q3

AI

Manager remains bullish on AI tailwind but trimmed exposure during Q3 amid peak optimism. Portfolio retains exposure to names with direct operations in this AI cycle stage. Vertiv contributed significantly as it serves thermal management in rapidly constructed AI data centers.

Data Centers Semiconductors Cloud Technology Growth

Rates

Manager became cautious due to surge in long-term interest rates, particularly after Treasury's QRA announcement. Focus on real rates impact given 15 years of accommodation. Higher rates create negative carry for leveraged assets and raise hurdle rates for risk assets.

Interest Rates Treasury Monetary Policy Real Rates Fixed Income

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
May 31, 2026	Fund Letters	Jackson Peak Capital	CORZ	Core Scientific	Software - Infrastructure	Data Processing & Outsourced Services	Bull	NASDAQ	AI infrastructure, Colocation, CoreWeave, cryptocurrency mining, data centers, growth, high-performance computing, Power Infrastructure, technology	Login
Feb 18, 2026	Fund Letters	Patrick O’Brien	SATS	EchoStar Corporation	Communication Services	Alternative Carriers	Bull	NASDAQ	Event-driven, IPO, NAV, Satellite, spinoff	Login
Nov 27, 2025	Fund Letters	Patrick O’Brien	CFLT	Confluent, Inc.	Information Technology	Information Technology	Bull	NASDAQ	acquisition, AI, Data, infrastructure, Software, Streaming, valuation	Login
Jul 1, 2025	Fund Letters	Jackson Peak Capital	TTAN	ServiceTitan	Information Technology	Application Software	Bull	NASDAQ	AI Beneficiary, Cloud software, HVAC, Plumbing, SaaS, software platform, Trade Services, Unlock Selloff	Login
Jan 1, 2025	Fund Letters	Jackson Peak Capital	COIN	Coinbase Global Inc	Financials	Financial Exchanges & Data	Bull	NASDAQ	Crypto industry, cryptocurrency, Election trade, Event-driven, Financial Exchange, Political Catalyst, Regulatory change	Login
Jan 1, 2025	Fund Letters	Jackson Peak Capital	TSLA	Tesla Inc	Consumer Discretionary	Automobile Manufacturers	Bull	NASDAQ	Election trade, Electric Vehicles, Event-driven, Political Catalyst, Regulatory change, Republican administration, Volatility	Login
Jan 1, 2025	Fund Letters	Jackson Peak Capital	PDD	PDD Holdings Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	cash-rich, Chinese ADR, contrarian, e-commerce, low valuation, Stimulus, Underinvestment, value investing	Login
Jan 1, 2025	Fund Letters	Jackson Peak Capital	HPE	Hewlett Packard Enterprise Co	Information Technology	Technology Hardware, Storage & Peripherals	Bear	NYSE	AI hardware, Capital Rotation, Hardware infrastructure, portfolio optimization, Position exit, Relative value, Value chain	Login
Jan 1, 2025	Fund Letters	Jackson Peak Capital	MU	Micron Technology Inc	Information Technology	Semiconductors	Bear	NASDAQ	AI cycle, Carry trade unwind, memory semiconductors, Position management, Storage Solutions, Technology drawdown, Timing error	Login
Jan 1, 2025	Fund Letters	Jackson Peak Capital	NVDA	NVIDIA Corporation	Information Technology	Semiconductors	Bull	NASDAQ	AI leader, CapEx cycle, data center, growth, Market rally driver, semiconductors, technology	Login
Dec 31, 2024	Fund Letters	Jackson Peak Capital	HPE	Hewlett Packard Enterprise Company	Information Technology	Technology Hardware, Storage & Peripherals	Bear	NYSE	AI hardware, capital allocation, Enterprise Technology, infrastructure, Position exit, Relative value, Value chain	Login
Dec 31, 2024	Fund Letters	Jackson Peak Capital	TSLA	Tesla Inc	Consumer Discretionary	Automobile Manufacturers	Bull	NASDAQ	Election trade, Electric Vehicles, Event-driven, Political Catalyst, Regulatory change, Right tail, Volatility	Login
Dec 31, 2024	Fund Letters	Jackson Peak Capital	COIN	Coinbase Global Inc	Financials	Financial Exchanges & Data	Bull	NASDAQ	crypto exchange, cryptocurrency, Election trade, Event-driven, Financial infrastructure, Political Catalyst, Regulatory change	Login
Dec 31, 2024	Fund Letters	Jackson Peak Capital	PDD	PDD Holdings Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	cash-rich, Chinese ADRs, contrarian, e-commerce, Government stimulus, low valuation, Underinvestment, Value	Login
Dec 31, 2024	Fund Letters	Jackson Peak Capital	NVDA	NVIDIA Corporation	Information Technology	Semiconductors	Bull	NASDAQ	AI, Artificial Intelligence, CapEx cycle, infrastructure, market rally, semiconductors, Technology leader	Login
Dec 31, 2024	Fund Letters	Jackson Peak Capital	MU	Micron Technology Inc	Information Technology	Semiconductors	Bear	NASDAQ	AI cycle, Carry trade, Memory, Position management, semiconductors, Storage, technology	Login
Nov 8, 2023	Fund Letters	Jackson Peak Capital	ATVI	Activision Blizzard	Communication Services	Interactive Media & Services	Bull	NASDAQ	antitrust, Equity, Event-driven, Gaming, Merger Arbitrage, Microsoft Acquisition, Regulatory risk, Special situations	Login
Nov 8, 2023	Fund Letters	Jackson Peak Capital	LESL	Leslie's Inc	Consumer Discretionary	Specialty Retail	Bear	NASDAQ	Bear, COVID Over-earner, Equity, Leverage risk, Mean Reversion, Pool Supplies, short selling, Specialty retail	Login
Nov 8, 2023	Fund Letters	Jackson Peak Capital	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	Vertiv Holdings	Information Technology	Electronic Equipment, Instruments & Components	Bull	NYSE	AI infrastructure, Bull, Cooling Solutions, data centers, Equity, technology infrastructure, thermal management	Login
Nov 8, 2023	Fund Letters	Jackson Peak Capital	ATVI	Activision Blizzard	Communication Services	Interactive Media & Services	Bull	NASDAQ	antitrust, Equity, Event-driven, Gaming, Merger Arbitrage, Regulatory risk, Special situations	Login
Nov 8, 2023	Fund Letters	Jackson Peak Capital	LESL	Leslie's	Consumer Discretionary	Specialty Retail	Bear	NASDAQ	COVID Over-earner, Equity, Leverage risk, Mean Reversion, Pool Supplies, short selling, Specialty retail	Login
Nov 8, 2023	Fund Letters	Jackson Peak Capital	EDR	Endeavor Group Holdings	Communication Services	Entertainment	Bull	NYSE	entertainment, Equity, Event-driven, Holding Company Discount, Special situations, Sports Media, strategic alternatives, take-private	Login
Nov 8, 2023	Fund Letters	Jackson Peak Capital	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	Vertiv Holdings	Information Technology	Electronic Equipment, Instruments & Components	Bull	NYSE	AI infrastructure, Cooling Solutions, data centers, Equity, technology hardware, thermal management	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

May 31, 2026

Fund Letters

Jackson Peak Capital

CORZ

Core Scientific

Software - Infrastructure

Data Processing & Outsourced Services

Bull

NASDAQ

AI infrastructure, Colocation, CoreWeave, cryptocurrency mining, data centers, growth, high-performance computing, Power Infrastructure, technology

Feb 18, 2026

Fund Letters

Patrick O’Brien

SATS

EchoStar Corporation

Communication Services

Alternative Carriers

Bull

NASDAQ

Event-driven, IPO, NAV, Satellite, spinoff

Nov 27, 2025

Fund Letters

Patrick O’Brien

CFLT

Confluent, Inc.

Information Technology

Bull

NASDAQ

acquisition, AI, Data, infrastructure, Software, Streaming, valuation

Jul 1, 2025

Fund Letters

Jackson Peak Capital

TTAN

ServiceTitan

Information Technology

Application Software

Bull

NASDAQ

AI Beneficiary, Cloud software, HVAC, Plumbing, SaaS, software platform, Trade Services, Unlock Selloff

Jan 1, 2025

Fund Letters

Jackson Peak Capital

COIN

Coinbase Global Inc

Financials

Financial Exchanges & Data

Bull

NASDAQ

Crypto industry, cryptocurrency, Election trade, Event-driven, Financial Exchange, Political Catalyst, Regulatory change

Jan 1, 2025

Fund Letters

Jackson Peak Capital

TSLA

Tesla Inc

Consumer Discretionary

Automobile Manufacturers

Bull

NASDAQ

Election trade, Electric Vehicles, Event-driven, Political Catalyst, Regulatory change, Republican administration, Volatility

Jan 1, 2025

Fund Letters

Jackson Peak Capital

PDD

PDD Holdings Inc

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

cash-rich, Chinese ADR, contrarian, e-commerce, low valuation, Stimulus, Underinvestment, value investing

Jan 1, 2025

Fund Letters

Jackson Peak Capital

HPE

Hewlett Packard Enterprise Co

Information Technology

Technology Hardware, Storage & Peripherals

Bear

NYSE

AI hardware, Capital Rotation, Hardware infrastructure, portfolio optimization, Position exit, Relative value, Value chain

Jan 1, 2025

Fund Letters

Jackson Peak Capital

Micron Technology Inc

Information Technology

Semiconductors

Bear

NASDAQ

AI cycle, Carry trade unwind, memory semiconductors, Position management, Storage Solutions, Technology drawdown, Timing error

Jan 1, 2025

Fund Letters

Jackson Peak Capital

NVDA

NVIDIA Corporation

Information Technology

Semiconductors

Bull

NASDAQ

AI leader, CapEx cycle, data center, growth, Market rally driver, semiconductors, technology

Dec 31, 2024

Fund Letters

Jackson Peak Capital

HPE

Hewlett Packard Enterprise Company

Information Technology

Technology Hardware, Storage & Peripherals

Bear

NYSE

AI hardware, capital allocation, Enterprise Technology, infrastructure, Position exit, Relative value, Value chain

Dec 31, 2024

Fund Letters

Jackson Peak Capital

TSLA

Tesla Inc

Consumer Discretionary

Automobile Manufacturers

Bull

NASDAQ

Election trade, Electric Vehicles, Event-driven, Political Catalyst, Regulatory change, Right tail, Volatility

Dec 31, 2024

Fund Letters

Jackson Peak Capital

COIN

Coinbase Global Inc

Financials

Financial Exchanges & Data

Bull

NASDAQ

crypto exchange, cryptocurrency, Election trade, Event-driven, Financial infrastructure, Political Catalyst, Regulatory change

Dec 31, 2024

Fund Letters

Jackson Peak Capital

PDD

PDD Holdings Inc

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

cash-rich, Chinese ADRs, contrarian, e-commerce, Government stimulus, low valuation, Underinvestment, Value

Dec 31, 2024

Fund Letters

Jackson Peak Capital

NVDA

NVIDIA Corporation

Information Technology

Semiconductors

Bull

NASDAQ

AI, Artificial Intelligence, CapEx cycle, infrastructure, market rally, semiconductors, Technology leader

Dec 31, 2024

Fund Letters

Jackson Peak Capital

Micron Technology Inc

Information Technology

Semiconductors

Bear

NASDAQ

AI cycle, Carry trade, Memory, Position management, semiconductors, Storage, technology

Nov 8, 2023

Fund Letters

Jackson Peak Capital

ATVI

Activision Blizzard

Communication Services

Interactive Media & Services

Bull

NASDAQ

antitrust, Equity, Event-driven, Gaming, Merger Arbitrage, Microsoft Acquisition, Regulatory risk, Special situations

Nov 8, 2023

Fund Letters

Jackson Peak Capital

LESL

Leslie's Inc

Consumer Discretionary

Specialty Retail

Bear

NASDAQ

Bear, COVID Over-earner, Equity, Leverage risk, Mean Reversion, Pool Supplies, short selling, Specialty retail

Nov 8, 2023

Fund Letters

Jackson Peak Capital

Vertiv Holdings

Information Technology

Electronic Equipment, Instruments & Components

Bull

NYSE

AI infrastructure, Bull, Cooling Solutions, data centers, Equity, technology infrastructure, thermal management

Nov 8, 2023

Fund Letters

Jackson Peak Capital

ATVI

Activision Blizzard

Communication Services

Interactive Media & Services

Bull

NASDAQ

antitrust, Equity, Event-driven, Gaming, Merger Arbitrage, Regulatory risk, Special situations

Nov 8, 2023

Fund Letters

Jackson Peak Capital

LESL

Leslie's

Consumer Discretionary

Specialty Retail

Bear

NASDAQ

COVID Over-earner, Equity, Leverage risk, Mean Reversion, Pool Supplies, short selling, Specialty retail

Nov 8, 2023

Fund Letters

Jackson Peak Capital

EDR

Endeavor Group Holdings

Communication Services

Entertainment

Bull

NYSE

entertainment, Equity, Event-driven, Holding Company Discount, Special situations, Sports Media, strategic alternatives, take-private

Nov 8, 2023

Fund Letters

Jackson Peak Capital

Vertiv Holdings

Information Technology

Electronic Equipment, Instruments & Components

Bull

NYSE

AI infrastructure, Cooling Solutions, data centers, Equity, technology hardware, thermal management

TICKER	COMMENTARY
CORZ	We re-engaged with CORZ during Q1 after exiting in Q4, as the stock retraced to attractive levels just as we were looking to add to the AI infrastructure theme. CORZ is a beneficiary of the compute shortage as it has valuable data center co-location capacity, which is structurally short of supply. CORZ is one of the few public companies with shovel-ready capacity at scale. It is a high-performance computing (HPC) colocation provider that pivoted from crypto mining to AI infrastructure, and the foundation of the business today is its ~590 MW contract with CoreWeave under 12-year hosting agreements, representing over $10 billion in total contracted revenue. Beyond the CoreWeave contract, CORZ has approximately 1.5 GW of total leasable power in the pipeline. Management has stated that they are in active dialogue with multiple parties and that colocation leasing agreements are expected in the near future. The catalyst path is one or more new colocation customers announced over the remainder of 2026, each of which should drive a re-rating as revenue grows and concentration risk declines. The primary risks are execution, the pace of new customer signings, and the broader AI spending cycle.
SATS	EchoStar (SATS) remains a top holding and our most significant event-driven position, heading into the SpaceX IPO. EchoStar (SATS) was a detractor as an event-driven position despite our continued conviction in the underlying thesis. The position was hurt by trading activity around the underlying and an existing option position that did not play out during the quarter. We continue to hold a significant position in SATS heading into the anticipated SpaceX IPO in Q2 given the large discount to NAV.
FIX	Our largest contributor in Q1 was Comfort Systems (FIX) as a fundamental long. FIX has been one of our preferred expressions of the labor side of the AI capex trade - the mechanical, electrical, and HVAC contractors building out the data centers. The thesis continued to play out during the quarter as the company reported strong results, raised guidance, and benefitted from continued visibility into the AI infrastructure buildout.
ZM	Zoom (ZM) was a contributor as an event-driven trade. We initiated the position to capture a re-rating driven by ZM's stake in Anthropic and the significant ramp in Anthropic's ARR and valuation during the quarter. The position had attractive downside protection given ZM's execution, valuation, and the discount the market was applying to the Anthropic stake.
CRM	Salesforce (CRM) was a contributor as a short. We initiated the short on the back of Anthropic's developments and product releases during the quarter, which we view as accelerating the competitive pressure on the incumbent enterprise software stack. CRM is one of the names where the gap between fundamentals and consensus narrative is widening.
BL	BlackLine (BL) was a detractor as an event-driven position. We had built a position with the view BL would emerge as an attractive acquisition candidate given activist pressure and historical PE/strategic interest. The position was initiated prior to the broader software selloff, which de-rated the entire sector.
ENR.DE	Siemens Energy (ENR) was a detractor as a long. The fundamentals remain in strong shape - ENR continues to benefit from the secular increase in energy demand for AI data centers and European fiscal stimulus for grid and energy infrastructure - but we up-sized the position shortly before the geopolitical-driven selloff.

TICKER

COMMENTARY

CORZ

We re-engaged with CORZ during Q1 after exiting in Q4, as the stock retraced to attractive levels just as we were looking to add to the AI infrastructure theme. CORZ is a beneficiary of the compute shortage as it has valuable data center co-location capacity, which is structurally short of supply. CORZ is one of the few public companies with shovel-ready capacity at scale. It is a high-performance computing (HPC) colocation provider that pivoted from crypto mining to AI infrastructure, and the foundation of the business today is its ~590 MW contract with CoreWeave under 12-year hosting agreements, representing over $10 billion in total contracted revenue. Beyond the CoreWeave contract, CORZ has approximately 1.5 GW of total leasable power in the pipeline. Management has stated that they are in active dialogue with multiple parties and that colocation leasing agreements are expected in the near future. The catalyst path is one or more new colocation customers announced over the remainder of 2026, each of which should drive a re-rating as revenue grows and concentration risk declines. The primary risks are execution, the pace of new customer signings, and the broader AI spending cycle.

SATS

EchoStar (SATS) remains a top holding and our most significant event-driven position, heading into the SpaceX IPO. EchoStar (SATS) was a detractor as an event-driven position despite our continued conviction in the underlying thesis. The position was hurt by trading activity around the underlying and an existing option position that did not play out during the quarter. We continue to hold a significant position in SATS heading into the anticipated SpaceX IPO in Q2 given the large discount to NAV.

FIX

Our largest contributor in Q1 was Comfort Systems (FIX) as a fundamental long. FIX has been one of our preferred expressions of the labor side of the AI capex trade - the mechanical, electrical, and HVAC contractors building out the data centers. The thesis continued to play out during the quarter as the company reported strong results, raised guidance, and benefitted from continued visibility into the AI infrastructure buildout.

Zoom (ZM) was a contributor as an event-driven trade. We initiated the position to capture a re-rating driven by ZM's stake in Anthropic and the significant ramp in Anthropic's ARR and valuation during the quarter. The position had attractive downside protection given ZM's execution, valuation, and the discount the market was applying to the Anthropic stake.

CRM

Salesforce (CRM) was a contributor as a short. We initiated the short on the back of Anthropic's developments and product releases during the quarter, which we view as accelerating the competitive pressure on the incumbent enterprise software stack. CRM is one of the names where the gap between fundamentals and consensus narrative is widening.

BlackLine (BL) was a detractor as an event-driven position. We had built a position with the view BL would emerge as an attractive acquisition candidate given activist pressure and historical PE/strategic interest. The position was initiated prior to the broader software selloff, which de-rated the entire sector.

ENR.DE

Siemens Energy (ENR) was a detractor as a long. The fundamentals remain in strong shape - ENR continues to benefit from the secular increase in energy demand for AI data centers and European fiscal stimulus for grid and energy infrastructure - but we up-sized the position shortly before the geopolitical-driven selloff.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Data Centers

Energy

AI

Small Caps

Quality

AI

Risk Appetite

AI

Defense Spending

SPACs

Energy Transition

AI

Crypto

E-commerce

AI

Crypto

Electric Vehicles

China

AI

Rates

Biopharma M&A

AI

Rates

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Patrick OBrien Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Jackson Peak Capital

Patrick OBrien Top Holdings