| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
This newsletter examines the AI infrastructure boom driving exceptional returns, particularly in Korean semiconductor companies Samsung and SK Hynix, which posted massive profit increases as suppliers of critical high-bandwidth memory to hyperscalers. However, the Korean market rally has attracted dangerous retail speculation with unprecedented margin debt levels and daily 5% swings, while foreign institutions sold $11.5 billion in May alone. The AI theme extends to Anthropic's explosive revenue growth from $9bn to $45bn ARR and Meta's infrastructure optimizations through custom silicon and automated kernel generation. A significant structural risk emerges in private credit, where Wall Street-backed life insurers have loaded balance sheets with untested assets while selling withdrawal-vulnerable annuities, creating potential doom loops during downturns. Former Apollo risk chief warns some insurers could struggle as deteriorating marks trigger policyholder anxiety and forced asset sales. The divergence between fundamental AI infrastructure value and speculative market behavior, combined with emerging private credit risks, highlights both opportunity and systemic vulnerabilities.
AI infrastructure drives exceptional returns but creates dangerous speculation in Korean markets while structural risks emerge in private credit-backed insurance products.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jun 2 2026 | 2026 Q1 | 000660 KS, 005930 KS, AMZN, META | AI, Korea, private credit, risk, semiconductors, Speculation, technology | - | AI infrastructure drives massive returns for Korean semiconductor leaders Samsung and SK Hynix, but retail speculation reaches dangerous levels with unprecedented margin debt. Anthropic and Meta demonstrate AI monetization success while structural risks emerge in private credit-backed insurance products that could create doom loops during market downturns. |
| Jan 30 2026 | 2025 Q4 | AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC | AI, Cloud, Long Term, semiconductors, technology, value |
GOOGL TSM BRK.B ONON NU HOLN SW AMRZ |
Unison returned +17.4% in 2025, capitalizing on AI infrastructure plays like TSMC and Alphabet's resurgence while adding premium brand On Holding. The managers see AI spending driving markets but warn of potential bubbles, maintaining elevated cash as optionality for future dislocations. Core thesis focuses on businesses positioned at critical constraint points in the evolving AI ecosystem. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI infrastructure drives massive returns with Samsung and SK Hynix at the center of global AI supply chains. Anthropic demonstrates extreme revenue growth from $9bn to $45bn ARR, showing high returns to frontier intelligence. Meta optimizes AI infrastructure with custom silicon and automated kernel generation for efficiency gains. |
Infrastructure Memory Hyperscalers Revenue Efficiency |
South KoreaKorean markets surge 200% driven by AI semiconductor demand, but retail speculation reaches dangerous levels with unprecedented margin debt and daily 5% swings. Foreign institutions are net sellers of $11.5 billion while retail investors chase momentum with excessive leverage. |
Speculation Margin Retail Foreign Volatility | |
SemiconductorsMemory semiconductors drive Korean market rally with Samsung posting 755% profit increase. High-bandwidth memory is critical for AI infrastructure that hyperscalers cannot build without, positioning Korean semiconductor companies at the center of global AI demand. |
Memory Profit Infrastructure Demand | |
Private CreditWall Street-backed life insurers have loaded balance sheets with untested private credit while selling withdrawal-vulnerable annuities, creating potential doom loop in downturns. Former Apollo risk chief warns some insurers could struggle as deteriorating marks trigger policyholder anxiety and forced asset sales. |
Insurance Liquidity Risk Downturn | |
| 2025 Q4 |
AIManager sees AI as driving significant value creation across portfolio holdings. Alphabet's AI monetization through Google Cloud and Gemini platform enhancements exceeded expectations. Applied Materials benefits from AI-related capacity buildout in advanced logic and high-bandwidth memory. Microsoft's Azure growth and Copilot adoption reinforce AI leadership despite elevated capital investment. |
Cloud Infrastructure Monetization Training Inference |
CloudCloud infrastructure remains a core growth driver with Google Cloud growing over 30% year-over-year supported by rapid AI adoption. Microsoft Azure delivered 39% growth with strong remaining performance obligations providing multi-year revenue visibility. Manager views cloud as foundational to AI value creation. |
Infrastructure Growth Enterprise Services | |
PharmaceuticalsEli Lilly demonstrated exceptional growth with 54% revenue increase driven by GLP-1 franchises Mounjaro and Zepbound. Manager believes Lilly represents one of the highest-quality growth franchises in global healthcare with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. |
GLP1 Diabetes Obesity Pipeline | |
SemiconductorsApplied Materials benefited from improving wafer-fab spending visibility with AI-related capacity orders tracking ahead of plan. Semiconductor equipment stocks rallied on multi-year demand visibility from foundries raising 2026 capex plans. Manager sees structural increases in semiconductor intensity from AI infrastructure buildout. |
Equipment Foundries Capex Memory | |
StreamingNetflix faced headwinds from subscriber growth concerns and rising content spending pressures. Management guided to slower net subscriber additions after price increases and margins were pressured by live sports and international content investment. Proposed Warner Bros. Discovery acquisition introduces execution and regulatory risks. |
Content Subscribers Competition Consolidation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Alex | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, cloud, Optionality, Platforms, semiconductors | Login |
| Jan 30, 2026 | Fund Letters | Alex | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductor Foundries | Bull | New York Stock Exchange | AI, CapEx, Foundry, Moat, semiconductors | Login |
| Jan 30, 2026 | Fund Letters | Alex | BRK.B | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | New York Stock Exchange | capital allocation, conglomerate, Governance, Insurance, Optionality | Login |
| Jan 30, 2026 | Fund Letters | Alex | ONON | On Holding AG | Consumer Discretionary | Footwear | Bull | New York Stock Exchange | Apparel, Branding, consumer, growth, Pricing power | Login |
| Jan 30, 2026 | Fund Letters | Alex | NU | Nu Holdings Ltd. | Financials | Digital Banks | Bull | New York Stock Exchange | banking, Fintech, growth, Latin America, valuation | Login |
| Jan 30, 2026 | Fund Letters | Alex | HOLN SW | Holcim AG | Materials | Construction Materials | Bull | Swiss Exchange | Cement, infrastructure, Margins, materials, spin-off | Login |
| Jan 30, 2026 | Fund Letters | Alex | AMRZ | Amrize Ltd | Materials | Construction Materials | Bull | New York Stock Exchange | Building materials, Housing, Insiders, turnaround, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Samsung Electronics sit at the center of global AI infrastructure, supplying the high-bandwidth memory that hyperscalers cannot build without — Samsung alone posted a 755% increase in profit in Q1. |
| 000660.KS | SK Hynix sit at the center of global AI infrastructure, supplying the high-bandwidth memory that hyperscalers cannot build without. |
| AMZN | Amazon recently rolled out an internal AI agent platform called MeshClaw, which allows employees to create agents that can initiate code deployments, triage emails, and interact with Slack on their behalf. Amazon set targets for more than 80% of its developers to use AI weekly and tracked usage in dashboards, creating perverse incentives where employees run unnecessary AI tasks purely to inflate their token consumption scores. |
| META | Meta's CFO Susan Li flagged during their Q1 2026 earnings call that the company had made an architectural change to how it ranks ads: a new adaptive ranking model that improves inference ROI. Meta's MTIA custom silicon program exists because recommender workloads are memory-bound rather than compute-bound. Meta's KernelEvolve program uses LLMs to write optimized kernels for its heterogeneous chip fleet, targeting roughly 100x more optimized kernels per chip. |
| Ticker | Put/Call | Company Name | Industry | Value (M) | Shares | Weight % | Shares Purchased/Sold | Change in Share % | Market Cap (M) |
|---|---|---|---|---|---|---|---|---|---|
| GOOGL | - | ALPHABET INC | Communication Services | 657.6M | 2,100,923 | 8.4% | 930,640 | 79.5% | 3,657,769.9M |
| CLS | - | CELESTICA INC | Information Technology | 556.5M | 1,882,391 | 7.1% | -1,110,944 | -37.1% | 33,700.7M |
| APP | - | APPLOVIN CORP | Communication Services | 544.7M | 808,356 | 7.0% | -163,048 | -16.8% | 136,414.6M |
| CVNA | - | CARVANA CO | Consumer Discretionary | 451.9M | 1,070,802 | 5.8% | 503,091 | 88.6% | 77,822.7M |
| AMZN | - | AMAZON COM INC | Consumer Discretionary | 428.8M | 1,857,878 | 5.5% | 410,303 | 28.3% | 2,196,633.2M |
| AVGO | - | BROADCOM INC | Information Technology | 357.1M | 1,031,732 | 4.6% | -399,179 | -27.9% | 1,575,667.4M |
| RBLX | - | ROBLOX CORP | Communication Services | 332.6M | 4,105,113 | 4.3% | 385,533 | 10.4% | 45,190.6M |
| FROG | - | JFROG LTD | Information Technology | 330.9M | 5,297,812 | 4.2% | 2,389,415 | 82.2% | 5,761.3M |
| META | - | META PLATFORMS INC | Communication Services | 310.1M | 469,713 | 4.0% | -260,109 | -35.6% | 1,614,716.5M |
| TTMI | - | TTM TECHNOLOGIES INC | Information Technology | 295.1M | 4,276,320 | 3.8% | 2,260,035 | 112.1% | 9,581.9M |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| SNDK | - | $238.2M | 1M | - | 3.05% |
| GOOGL | - | $143.5M | 931K | 79.5% | 8.41% |
| MTSI | - | $134.2M | 783K | - | 1.72% |
| CVNA | - | $105.2M | 503K | 88.6% | 5.78% |
| AMZN | - | $78.1M | 410K | 28.3% | 5.48% |
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| NVDA | - | $215.1M | 2M | -62.3% | 2.87% | Decreased |
| SE | - | $151.5M | 1M | - | 0.00% | Sold Out |
| META | - | $149.6M | 260K | -35.6% | 3.96% | Decreased |
| MSFT | - | $112.2M | 301K | - | 0.00% | Sold Out |
| CLS | - | $87.6M | 1M | -37.1% | 7.12% | Decreased |
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| Information Technology | 53.25% | 58.83% | +5.57% |
| Communication Services | 19.05% | 23.59% | +4.55% |
| Consumer Discretionary | 5.57% | 13.79% | +8.22% |
| Financials | 2.61% | 2.30% | -0.31% |
| Industrials | 2.55% | 1.49% | -1.06% |
| Symbol | Company | Filed By | Filing Date | Filing |
|---|---|---|---|---|
| CLS | CELESTICA INC. | Whale Rock Capital Management LP | Aug 14, 2025 | SC 13G/A |
| CLS | CELESTICA INC. | Whale Rock Capital Management LP | Feb 14, 2025 | SC 13G/A |
| CLS | CELESTICA INC. | Whale Rock Capital Management LP | May 10, 2024 | SC 13G |
| DOCS | Doximity, Inc. | Whale Rock Capital Management LP | Feb 14, 2023 | SC 13G/A |
