| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Nightview Capital believes the market has mispriced the impact of AI on the software sector, which experienced one of the fastest repricings in recent memory with valuations falling below the broad market for the first time. While acknowledging AI genuinely changes software economics and threatens simple point solutions, the manager argues the strongest software franchises possess four durable advantages: they are systems of record holding the richest data AI needs, they have enormous switching costs, they control distribution to existing enterprise customers, and they are incorporating AI into their own products faster than almost anyone. The manager added to Salesforce and ServiceNow during the selloff and initiated a position in Atlassian. The portfolio also leaned into physical experiences immune to software disruption, building gaming and hospitality into a major thematic exposure through purchases of Las Vegas Sands, MGM Resorts, and additions to Wynn Resorts. Within financials, the manager rotated toward the largest, most durable platforms by doubling BlackRock and adding substantially to Charles Schwab. The manager exited Meta, Intuitive Surgical, Shopify, and EchoStar to concentrate behind best ideas, with Tesla remaining the largest position followed by Nvidia and Amazon as core holdings.
The market has mispriced AI concerns on software, creating compelling opportunities in high-quality software businesses with systems of record, switching costs, and distribution advantages that will strengthen rather than weaken as they incorporate AI into their products.
The manager expects the software panic of 2026 will be remembered as a real change and genuine fear where the crowd mistook the situation for the end of the story rather than the start of a better chapter. The manager believes the strongest software franchises will turn AI into a tailwind and that physical experiences like integrated resorts will remain undisrupted by software. The tone is constructive and contrarian, with the manager expressing confidence in their ability to stay planted in convictions while others run for cover.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 21 2026 | 2026 Q2 | ADSK, AMD, AMZN, AXON, BEP, BLK, CRM, GS, LVS, MGM, MS, NOW, NVDA, ORCL, SCHW, TEAM, TSLA, WYNN | AI, Concentration, financials, gaming, software, technology, valuation |
CRM NOW ADSK ORCL TEAM |
Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. |
| Apr 20 2026 | 2026 Q1 | ADSK, AXON, NOW, NVDA, SHOP, TSLA | AI, Concentration, Enterprise, portfolio, semiconductors, software, technology |
AXON NOW SHOP ADSK |
Nightview rotated aggressively into enterprise software during Q1 2026's broad sector repricing, building positions in ServiceNow, Shopify, Autodesk, and Axon. Manager views AI as enhancing rather than threatening quality software platforms with deep workflow integration. Maintains concentrated 20-position portfolio with Tesla as largest holding. Bullish on long-term compounding despite near-term macro volatility. |
| Jan 20 2026 | 2025 Q4 | AMZN, BABA, NITE, TSLA, TSM | AI, Autonomy, China, growth, long-term, Physical AI, semiconductors, technology |
TSLA AMZN BABA TSM |
Nightview delivered 22.64% returns in 2025, outperforming markets while positioning for AI's evolution from digital to physical applications. Core holdings Tesla and Amazon benefit from structural advantages in autonomy and retail efficiency. The firm maintains very bullish outlook on long-term opportunities despite acknowledging near-term AI speculation risks. |
| Oct 16 2025 | 2025 Q3 | AAPL, AMD, AMZN, BABA, NVDA, TSLA, TSM | AI, Automation, Autonomy, China, innovation, Robotics, semiconductors, technology |
AMD US TSM US TSLA US |
Nightview Capital sees a networked industrial renaissance as AI, robotics, and automation converge to reshape the physical world. With $1.5 trillion in global AI investment expected in 2025, the firm targets infrastructure players like AMD, TSMC, Amazon, and Tesla while avoiding passive exposure to disruption-vulnerable incumbents in this transformational cycle. |
| Jul 22 2025 | 2025 Q2 | AAPL, AMZN, BABA, GOOG, LVS, TSLA, UBER, WYNN | AI, Automation, China, innovation, Robotics, technology, Tesla, Transformation |
WYNN LVS BABA US TSLA AMZN 9868 HK WYNN LVS BABA TSLA AMZN |
Nightview Capital positions for a transformative decade driven by AI as a platform shift comparable to electricity. Key themes include Chinese technology resurgence, Tesla's robotaxi revolution launching in Austin, and automation driving margin expansion at Amazon. Despite geopolitical noise, the manager maintains conviction in exponential returns from innovation, targeting companies building the infrastructure for an AI-powered economy. |
| Apr 17 2025 | 2025 Q1 | AMZN, DE, GOOGL, TSLA | AI, Automation, growth, innovation, Robotics, technology, Tesla | - | Nightview Capital sees a historic technology inflection point where AI, automation, and electrification converge to create massive value. Tesla's Cybercab launch, Amazon's warehouse robotics achieving 25% productivity gains, and John Deere's autonomous farming solutions represent transformative opportunities. Despite macro headwinds, the fund positions for extraordinary growth from companies leading automation and AI innovation. |
| Jan 16 2025 | 2024 Q4 | - | - | - | Document contains only corrupted table data with no meaningful financial content. Consists of repetitive percentage values and table headers without coherent investment commentary. No fund performance, holdings, or strategic positioning identifiable. Appears to be OCR processing errors rather than investment communication. |
| Oct 7 2024 | 2024 Q3 | AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | AI, Autonomy, Cloud, growth, technology, Tesla, Travel | TSLA | Nightview Capital positions Tesla as their largest holding at 16%, betting on autonomous driving as a transformative shift comparable to the Internet. Tesla's vision-based FSD system creates a data-driven competitive moat through continuous neural network improvements. The portfolio also captures global travel recovery and cloud growth themes while awaiting autonomous vehicle commercial breakthroughs. |
| Jul 17 2024 | 2024 Q2 | AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | AI, Cloud, E-Commerce, gaming, growth, large cap, technology | - | Nightview Capital launched their ETF (NITE) with a concentrated portfolio led by Amazon (13.03%) and Tesla (13.24%). They see multi-year growth opportunities in e-commerce, AI-driven cloud services, and digital advertising. The firm maintains high conviction in large-cap technology and consumer companies with strong competitive moats, expressing bullish sentiment for the next 12-24 months across their growth-oriented holdings. |
| Apr 15 2024 | 2024 Q1 | AMZN, F, GM, GOOGL, TSLA | AI, Autonomous Driving, Cloud, Electric Vehicles, large cap, technology |
TSLA AMZN GOOGL |
Nightview Capital runs a concentrated AI-focused portfolio anchored by Tesla, Amazon, and Google. Despite Tesla's production volatility, they're increasingly bullish on FSD progress and the 2025 platform launch. Amazon is a top conviction pick driven by AWS AI leadership and margin expansion. Google remains undervalued despite superior AI capabilities and infrastructure advantages. |
| Jan 30 2024 | 2023 Q4 | ABNB, AMD, AMZN, DIS, GOOGL, INTC, NVDA, TSLA, Z | AI, Concentration, disruption, growth, long-term, technology, Tesla, value |
ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA ABNB 000001.SZ DIS |
Nightview Capital maintains unwavering long-term conviction in Tesla while strategically diversifying into AI beneficiaries and undervalued platform businesses. The manager views current market conditions as highly attractive, adding positions in travel and entertainment sectors including Airbnb, Zillow, and Disney. Despite near-term Tesla challenges, the firm believes their concentrated approach combined with selective diversification offers optimal risk-adjusted returns for patient capital. |
| Oct 18 2023 | 2023 Q3 | AMZN, GOOGL, TSLA | growth, large cap, long-term, technology, value |
GOOGL ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA AMZN |
Long-term focused fund capitalizing on market volatility to accumulate quality technology leaders at depressed valuations. Concentrated positions in Google, Tesla, and Amazon reflect conviction that current weakness represents opportunity rather than structural deterioration. Manager believes 3-year investment horizon provides advantage over short-term focused peers, positioning for next multi-year growth cycle as market uncertainty creates compelling entry points. |
| Jul 20 2023 | 2023 Q2 | HTZ, TSLA | AI, Concentration, Electric Vehicles, growth, technology, Tesla |
ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA HTZ |
Nightview Capital maintains concentrated exposure to Tesla as their largest position, viewing the company's Dojo AI supercomputer as potentially transformative with licensing potential similar to Amazon Web Services. The firm expanded the portfolio with discounted positions during the bear market while avoiding speculative EV companies, positioning for compound growth opportunities. |
| May 22 2023 | 2023 Q1 | AMZN, BABA, F, GM, GOOGL, PCRFY, TM, TSLA | Electric Vehicles, Energy Transition, Google, growth, Manufacturing, technology, Tesla, value |
GOOGL ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
Nightview maintains Tesla conviction while diversifying into undervalued technology leaders like Google. Manager sees current market discounts as opportunity with companies trading at significant discounts to intrinsic value. Expects Fed tightening cycle nearing end and asset repricing higher as inflation uncertainty diminishes. Focus on resilient businesses with growth prospects and reasonable valuations for multi-year compounding. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe manager believes AI is being woven into the fabric of how organizations operate and will find its way into nearly every industry. AI makes systems of record more valuable because the richest, cleanest data sits inside these systems and AI needs access to that data. The best software businesses are potentially among the most resilient assets in an AI world due to their data moats, switching costs, distribution advantages, and ability to incorporate AI into their own products. |
Software Enterprise Data Automation SaaS |
SoftwareThe manager views the market's fear about software as mispriced, arguing that the sector experienced one of the fastest repricings in recent memory with forward earnings multiples falling below the broad market for the first time. While acknowledging AI genuinely changes software economics and some business models are fragile, the manager believes the strongest software franchises with systems of record, switching costs, and distribution advantages will turn AI into a tailwind rather than a threat. |
SaaS Enterprise Software Valuation AI Impact | |
GamingThe manager leaned into gaming and hospitality as a major thematic exposure, buying Las Vegas Sands and MGM Resorts while adding meaningfully to Wynn Resorts. The logic is that integrated resorts represent moats made of concrete, square footage, and licenses that governments hand out very rarely—assets that do not get disrupted by better software. The manager is bullish on the resurgence of in-person gaming. |
Casinos Resorts Physical Assets Moats | |
Capital MarketsThe manager rotated toward scale within financials, roughly doubling the stake in BlackRock and adding substantially to Charles Schwab while trimming Goldman Sachs and Morgan Stanley. The preference is for the largest, most durable platforms in asset management and retail brokerage—businesses that stand to become more efficient as they apply AI internally while their scale advantages compound. |
Asset Managers Retail Brokerage Scale Platforms | |
| 2026 Q1 |
AIManager views AI as enhancing rather than threatening quality software businesses. AI makes embedded software platforms more valuable by accelerating workflow automation and creating switching costs. Companies like ServiceNow are embedding AI capabilities that drive customer expansion and platform stickiness. |
Software Automation Platforms Enterprise Workflows |
Enterprise SoftwareThe software sector experienced broad repricing due to AI disruption fears, creating buying opportunities. Manager believes best software companies sell workflows and infrastructure, not just AI. Deep integration, switching costs, and compliance requirements protect entrenched incumbents from disruption. |
SaaS Workflows Integration Switching Costs B2B | |
ConcentrationFund runs deliberately concentrated 20-position portfolio as proxy for conviction rather than risk. Manager argues concentrated, researched portfolio is less risky than passive S&P 500 allocation overly weighted to mega-cap technology companies. Concentration allows active selection of where risk sits. |
Portfolio Conviction Active Risk Management Selection | |
SemiconductorsAI efficiency improvements drive higher total compute demand through Jevons Paradox - as cost per unit falls, total demand rises. NVIDIA's hardware and software ecosystem maintains switching costs. Added to NVIDIA position during selloff on efficiency concerns. |
Compute Infrastructure Hardware Ecosystem Demand | |
| 2025 Q4 |
AfricaFund delivered exceptional performance with 67.21% returns in 2025, significantly outperforming the 44.7% benchmark. Portfolio companies show strong fundamentals with forward PE of 6.1x, dividend yield of 8.0%, and expected EPS growth of 19.2%. Manager emphasizes that valuations remain attractive despite strong performance, with no multiple expansion occurring over the fund's 5+ year history. |
Frontier Markets Emerging Markets Equities Value Growth |
LiquidityManager provides detailed analysis of liquidity challenges in African frontier markets, noting structural factors including tight ownership by corporates (24% vs 19% in emerging markets) and limited foreign participation. However, expects liquidity to improve in current bull market environment as more investors participate. Fund offers only quarterly redemptions due to these constraints. |
Market Structure Trading Redemptions Foreign Investment | |
Capital MarketsDaily equity market turnover has declined across key African markets including Kenya, Nigeria, and Mauritius, though recent signs of improvement in Nigeria and Kenya. New IPO activity emerging with companies like Aradel and Ellah Lakes in Nigeria, and privatization of Kenya Pipeline Company. Fund sees potential for more listings as bull market develops. |
IPOs Privatization Market Development Trading Volumes | |
| 2025 Q3 |
AIGlobal AI investment could exceed $1.5 trillion in 2025, driven by falling compute costs and expanding use cases. The infrastructure phase of AI is creating a multi-decade capital cycle analogous to electrification or highway systems. Cash flow from profitable incumbents is funding this expansion across healthcare, logistics, finance, and manufacturing. |
Infrastructure Compute Investment Models Training |
RoboticsRobotics is entering an inflection point driven by advanced vision systems, improved actuators, and software standardization. China is pursuing global leadership in robotics while Europe lags in R&D investment. The technology is moving from incremental efficiency gains to creating entirely new workflows and flexible manufacturing systems. |
Vision Automation Manufacturing Humanoid Dexterity | |
AutomationAutomation represents the bridge between AI investment and measurable productivity gains. Amazon has deployed one million robots across 300+ facilities with AI traffic control improving efficiency by 10%. The technology is becoming modular and accessible to smaller firms through cloud-delivered tools. |
Productivity Efficiency Integration Workflows ROI | |
ChinaDespite Western narratives of decline, China shows vibrant innovation in AI and robotics. Alibaba has restructured around AI infrastructure with its Qwen language model serving 90,000+ enterprise customers. The economy is shifting from imitation to invention with technology valuations remaining discounted relative to fundamentals. |
Innovation Transformation Valuation Technology Adaptation | |
SemiconductorsAMD signed multi-year agreements to supply six gigawatts of GPU capacity to OpenAI with upcoming MI450 chips. TSMC revenue rose 40% year-over-year to $10.7 billion driven by AI and high-performance computing demand. These companies form the foundation of the modern AI economy through design and manufacturing. |
GPUs Foundries Capacity Manufacturing Demand | |
Electric VehiclesTesla launched a limited robotaxi pilot in Austin with Model Y vehicles in geofenced areas. The company's Full Self-Driving software continues evolving with end-to-end neural networks. Each autonomous vehicle could generate $30,000-$50,000 in annual gross profit when fully utilized, transforming cars into productive assets. |
Autonomy Robotaxi Neural Networks Commercialization Economics | |
| 2025 Q2 |
AIAI is described as a general-purpose technology platform shift on the level of electricity or the printing press, with exponential economic upside potential. AI models are now designing proteins, writing software, accelerating scientific discovery, generating art, analyzing legal contracts, and augmenting human intelligence across every industry from agriculture to aerospace. The infrastructure to deploy and monetize AI at scale is being laid with foundational model companies racing ahead. |
Artificial Intelligence Machine Learning Automation Software Innovation |
ChinaChina is viewed as being in breakneck competition with the United States for control of potential superintelligence, advanced robotics, transportation and energy. The Chinese domestic market is described as a pressure cooker of innovation with companies moving at a blistering pace. China is ascending through the global value chain, moving from low-cost manufacturing toward innovation, brand creation, and value-added production. |
Chinese Technology Innovation Competition Manufacturing Brands | |
Electric VehiclesTesla's robotaxi network officially began commercial service in Austin, Texas, marking a generational milestone in both transportation and artificial intelligence. Tesla now operates the world's first vision-based, end-to-end autonomous mobility network using consumer-owned vehicles. The global personal transport market is estimated at $10 trillion, with autonomous transportation having the potential to capture significant market share. |
Autonomous Vehicles Tesla Transportation Mobility FSD | |
RoboticsThe accelerating shift toward intelligent automation and robotics is transforming productivity and margins. Amazon's robotics network now numbers over 1 million autonomous robots across more than 300 fulfillment centers. Tesla's humanoid robot Optimus has reached its third generation with ongoing trials in internal factory settings. Xpeng has emerged as a credible player in industrial humanoids, investing over $13.8 billion to build out its robotics division. |
Automation Industrial Robots Humanoids Manufacturing Efficiency | |
CasinosWynn Resorts and Las Vegas Sands provide calculated bridge to the Chinese economy through significant assets in Macau, the world's largest gaming hub. These companies are positioned to benefit from a rebound in tourism, gradual reorientation of China's domestic economy toward consumption, and underappreciated opportunity to capture upside in Asian discretionary spending. |
Gaming Macau Tourism Consumer Spending Asia | |
| 2025 Q1 |
AIThe fund views AI as driving unprecedented innovation acceleration, particularly in autonomous driving where Tesla's data advantage creates competitive moats. AI is transforming warehouse operations at Amazon and enabling precision agriculture at John Deere through computer vision and machine learning systems. |
Autonomous Driving Computer Vision Machine Learning Data Advantage Neural Networks |
AutomationAutomation represents a historic pivot point with massive value creation potential across industries. From Tesla's robotaxis to Amazon's 750,000+ warehouse robots to John Deere's autonomous tractors, automation is addressing labor shortages while boosting productivity and efficiency. |
Robotics Warehouse Automation Labor Shortage Productivity Efficiency | |
Electric VehiclesTesla's Cybercab launch in Austin represents a critical milestone in autonomous electric vehicle deployment. The fund believes Tesla's vision-only approach and massive real-world driving dataset create significant competitive advantages in the robotaxi market. |
Tesla Cybercab Robotaxi Autonomous Vehicles Transportation | |
AgricultureAutonomous farming equipment and precision agriculture are revolutionizing farming through AI-driven systems. John Deere's See & Spray technology achieved 59% herbicide reduction while autonomous tractors address critical labor shortages in agriculture. |
Precision Agriculture Autonomous Tractors Labor Shortage Yield Optimization Sustainability | |
| 2024 Q3 |
AIAutonomous transportation represents one of humanity's most pivotal technological shifts, with self-driving vehicles being the first major real-world application of AI. Tesla's vision-based FSD system creates a self-reinforcing product development cycle through real-world data collection from its global fleet. |
Autonomy Neural Networks Machine Learning Computer Vision Data Collection |
Electric VehiclesTesla represents a significantly larger weighting due to its immense market opportunity in autonomous transportation. The company has created a vast technological edge with its scalable, vision-based Full Self-Driving system and proprietary FSD computer architecture. |
Tesla FSD Autonomous Driving EV Technology Transportation | |
TravelGlobal travel theme expressed through holdings in Airbnb, Hyatt, Las Vegas Sands, MGM, and Wynn. The team believes in continued growth in international travel and the 'shrinking' of the world, with cheaper and more exotic destinations growing in popularity. |
Hotels Gaming Tourism International Travel Hospitality | |
CloudAmazon's AWS posted re-acceleration in top-line growth at 19% in Q2 2024 while maintaining stable margins. Strong demand for cloud services continues, with Amazon's aggressive investment approach supported by the fund. |
AWS Data Centers Cloud Computing Infrastructure Scalability | |
| 2024 Q2 |
E-commerceAmazon's retail business shows significant operating leverage recovery after pandemic overexpansion. North American retail margins have exceeded 2019 levels and are projected to reach low double digits. The transition from brick-and-mortar to e-commerce continues with U.S. e-commerce at 15.4% of retail sales, providing years of growth runway. |
Amazon Retail Margins Growth Digital |
AdvertisingAmazon Advertising has reached $55 billion annualized run-rate, making it 5.5x larger than the entire newspaper industry. The business combines high-fidelity first-party data with significant ad inventory, offering conservative 80% gross margins and potential $22 billion operating income for 2024. |
Amazon Digital Revenue Margins Growth | |
CloudAWS is positioned to benefit from the AI transition alongside other hyperscale providers. Mid-to-high-teens revenue growth is expected on a formidable base with expanding EBIT margins. Global IT spend is only around 10% in public cloud today, providing significant runway for growth. |
AWS AI Growth Enterprise Infrastructure | |
AIThe AI transition is viewed as the most radical transformation since the 1990s internet. Companies like Qualcomm benefit from AI computing power efficiency requirements, while Apple integrates neural computing capabilities into M4 chips. The transition is expected to be net accretive to hyperscale cloud providers. |
Computing Chips Enterprise Innovation Growth | |
LogisticsAmazon's decades-built logistics moat creates competitive advantages through services like Buy with Prime, which increases conversion rates by 25%. The company has achieved same-day delivery in top metro areas while maintaining that faster facilities are the least expensive in their network. |
Amazon Infrastructure Efficiency Competitive Scale | |
GamingThe Asian gaming market is expected to continue growing throughout the decade. Las Vegas Sands is positioned as a pure play on Macao and Singapore markets, while MGM benefits from Las Vegas Strip exposure and new technology adoption like the Sphere and high-speed rail connections. |
Asia Las Vegas Growth Entertainment Tourism | |
StreamingNetflix has solidified its position as a streaming leader with nearly 270 million subscribers and substantial free cash flow generation. The company is exploring live event licensing and developing its ad-supported model for enhanced profitability through premium ad monetization. |
Netflix Content Advertising Growth Scale | |
Electric VehiclesTesla maintains first-mover advantages in transportation electrification and real-world AI. The company is set to reveal its Robotaxi platform on August 8th, with Shanghai Robotaxi reportedly underway. Lower interest rates and improved consumer sentiment could boost EV demand in coming quarters. |
Tesla Autonomy Innovation Growth Technology | |
| 2024 Q1 |
AIThe fund emphasizes identifying AI leaders with robust distribution networks and scale potential. Amazon and Google are viewed as under-appreciated AI beneficiaries, with AWS positioned as a foundational layer for next-wave AI applications. Google's advanced AI infrastructure and multi-modal capabilities are highlighted despite Gemini's messy release. |
Machine Learning Neural Networks Cloud Infrastructure Generative AI AI Applications |
Electric VehiclesTesla remains a core holding despite production volatility, with the fund viewing periodic growth slowdowns as natural for transformational companies. The transition between growth waves is expected as Tesla develops its next-generation platform for late 2025 production release. |
Battery Technology EV Manufacturing Autonomous Driving Platform Transition | |
CloudAWS is positioned as a comprehensive AI and machine learning services provider that will power thousands of companies globally. The fund published research on how hyperscaler profits could benefit for a decade from AI convergence, with cloud providers set for continued growth. |
Hyperscalers Cloud Services Infrastructure SaaS Machine Learning | |
| 2023 Q4 |
AIAI is creating profound opportunities and risks across industries, similar to the Internet in the 1990s. The manager views AI as having no boundaries - all businesses must leverage new technologies to stay competitive. They see a second wave of AI beneficiaries emerging in cloud service providers like Amazon and Google, who are well-positioned in the technology stack to benefit from increased AI spending. |
Machine Learning Cloud Computing Data Analytics Automation Neural Networks |
Electric VehiclesTesla remains the manager's highest conviction long-term holding despite near-term challenges. They maintain their view that Tesla will become a dominant leader across multiple industries and potentially the most valuable company in the world by 2030. The manager acknowledges forecasting errors on Tesla's 2022-2024 trajectory but believes the long-term thesis remains intact. |
Autonomous Driving Battery Technology Energy Storage Charging Infrastructure Manufacturing | |
TravelThe manager is particularly bullish on travel and entertainment, selectively taking positions across the field. They view Airbnb as strengthened by the pandemic crisis and now fostering a renaissance of travel with solid revenue growth and inflecting cash flows. They believe the travel sector offers attractive opportunities in the current market environment. |
Tourism Recovery Platform Business Hospitality Leisure Spending Digital Platforms | |
CloudCloud service providers are positioned as second-wave AI beneficiaries. The manager believes the AI boom will lead to increased cloud spending over time, providing the next leg of growth for hyperscalers. They see potential for improved margins through chip optimization and lower computing costs, creating a flywheel effect where big tech gets bigger. |
Infrastructure Computing Power Scalability Data Processing Enterprise Services | |
MediaDisney represents a value opportunity amid messy circumstances including streaming transition challenges, political entanglements, and activist investor pressure. The manager believes the market is being short-sighted about Disney's impressive IP portfolio and that strategic cost cuts could unlock significant value, particularly in achieving Netflix-like margins at Disney+. |
Streaming Services Content Creation Intellectual Property Entertainment Digital Transformation | |
| 2023 Q3 |
AIManager discusses AI as a general tailwind for cloud services growth, particularly benefiting Amazon's AWS segment. The market for AI is expected to drive growth in cloud services for years to come. |
Cloud AWS Growth |
Electric VehiclesTesla faces margin compression due to price cuts and rising interest rates affecting affordability. Despite near-term challenges including Cybertruck production issues, the manager believes Tesla remains vastly superior to competition and is building the foundation for the entire electric transportation value chain. |
Tesla Margins Competition Charging | |
CloudAmazon's AWS segment experiencing slowdown as corporate customers reduce spending amid economic uncertainty. However, manager views this as temporary and expects AI to provide tailwinds for cloud growth. Google's cloud segment also discussed with revenue growth expectations. |
AWS Google Growth AI | |
AdvertisingAmazon's advertising division highlighted as a major growth opportunity with over $40 billion in revenue expected, featuring better margins than AWS and growing at healthy double-digits. Google's ad growth appears to be rebounding nicely after earlier concerns about ChatGPT disruption. |
Amazon Google Margins Revenue | |
| 2023 Q2 |
AITesla's artificial intelligence ambitions through its Dojo supercomputer project represent a potentially transformative opportunity. The company is entering production phase of this high-powered training computer designed to enable breakthroughs in autonomous driving and robotics. Tesla could license this AI infrastructure to other manufacturers, similar to Amazon Web Services, creating a new high-margin revenue stream. |
Dojo Supercomputing Autonomous Neural Networks Infrastructure |
Electric VehiclesTesla remains the dominant position as a profitable, scaled electric vehicle manufacturer while many competitors face bankruptcy or collapse. The firm avoids speculative EV companies like Lordstown Motors, Mullen Automotive, and Canoo due to execution risks. Tesla's verticalized manufacturing approach and cost control provide significant competitive advantages in the transition to electric vehicles. |
Manufacturing Scale Profitability Competition Transition | |
| 2023 Q1 |
Electric VehiclesTesla dominates the EV space with industry-leading margins and manufacturing advantages. Legacy automakers like Ford lose $21,000 per EV while Tesla makes $8,500 per vehicle. Tesla's price cuts expand addressable markets while maintaining competitive advantages through vertical integration and manufacturing efficiency. |
Tesla Manufacturing Margins Competition Price |
Energy TransitionTesla's expansion beyond vehicles into energy generation and storage represents significant growth opportunities. The company is scaling energy storage solutions and building transformational autonomous products across transport and manufacturing sectors. |
Energy Storage Autonomous Manufacturing Scale Growth | |
CloudGoogle's cloud storage business benefits are underestimated by the market from a valuation perspective. The company trades at relatively low multiples despite strong positioning in cloud infrastructure and services. |
Google Valuation Infrastructure Storage Growth | |
AISpeculation around AI's impact on Google's search business has been greatly exaggerated. The search business functions as a high-margin advertising platform that remains tremendously resilient among customers and provides unparalleled cash flow generation. |
Search Advertising Margins Resilience Cash Flow |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 20, 2023 | Fund Letters | Nightview Capital | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA | Tesla, Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Artificial Intelligence, autonomous driving, Data Processing, Electric Vehicles, Equity, IP Licensing, manufacturing, Neural Networks, Software, Supercomputing, vertical integration | Login |
| Jul 20, 2023 | Fund Letters | Nightview Capital | HTZ | Hertz Global Holdings, Inc. | Industrials | Ground Transportation | Bull | NASDAQ | Car Rental, Equity, Global Operations, margin expansion, Platform Investment, Post-Bankruptcy, Travel Recovery, turnaround | Login |
| May 22, 2023 | Fund Letters | Nightview Capital | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, Cloud computing, digital advertising, Media Platform, SaaS, search engine, technology, Video Streaming | Login |
| May 22, 2023 | Fund Letters | Nightview Capital | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA | Tesla, Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Automotive Manufacturing, autonomous driving, battery technology, clean energy, Electric Vehicles, energy storage, Manufacturing Innovation, vertical integration | Login |
| Jul 21, 2026 | Fund Letters | Nightview Capital | CRM | Salesforce Inc | Other | Application Software | Bull | - | AI integration, Bull, contrarian, CRM, Customer Data, Enterprise software, Equity, SaaS, Software Selloff, System of Record | Login |
| Jul 21, 2026 | Fund Letters | Nightview Capital | NOW | ServiceNow Inc | Other | Application Software | Bull | - | AI Governance, Automation Platform, Bull, digital infrastructure, Enterprise software, Equity, IT Service Management, SaaS, workflow automation | Login |
| Jul 21, 2026 | Fund Letters | Nightview Capital | ADSK | Autodesk Inc | Other | Application Software | Bull | - | architecture, CAD Software, construction, Design Tools, Engineering Software, Equity, manufacturing, Professional Software, SaaS, switching costs | Login |
| Jul 21, 2026 | Fund Letters | Nightview Capital | ORCL | Oracle Corp | Other | Systems Software | Bull | - | AI Computing, Bull, cloud infrastructure, cloud services, data infrastructure, Database Software, Enterprise Data, Equity, Systems Software | Login |
| Jul 21, 2026 | Fund Letters | Nightview Capital | TEAM | Atlassian Corp | Other | Application Software | Bull | - | AI-Assisted Coding, Bull, collaboration software, Developer Tools, Equity, New Position, Project Management, SaaS, Software Development, workflow management | Login |
| Apr 20, 2026 | Fund Letters | Nightview Capital | AXON | Axon Enterprise | Aerospace & Defense | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI-Powered Analytics, Body Cameras, Cloud software, Evidence Management, government contracts, Law Enforcement Technology, Mission-Critical, recurring revenue | Login |
| Apr 20, 2026 | Fund Letters | Nightview Capital | NOW | ServiceNow | Software - Application | Software | Bull | New York Stock Exchange | agentic automation, AI integration, Enterprise software, Fortune 500, IT Service Management, Platform business, switching costs, workflow automation | Login |
| Apr 20, 2026 | Fund Letters | Nightview Capital | SHOP | Shopify | Software - Application | Software | Bull | New York Stock Exchange | AI-Powered Tools, Commerce Infrastructure, Cross-Border Commerce, E-commerce Platform, Logistics Network, Long-term compounder, Merchant Services, Payments | Login |
| Apr 20, 2026 | Fund Letters | Nightview Capital | ADSK | Autodesk | Software - Application | Software | Bull | NASDAQ | AI-Powered Design, compliance automation, Construction Technology, Design Software, Engineering Software, Professional Software, recurring revenue, subscription model | Login |
| Jan 20, 2026 | Fund Letters | Arne Alsin | TSLA | Tesla, Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Autonomy, Data, Physicalai, scale, Software | Login |
| Jan 20, 2026 | Fund Letters | Arne Alsin | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | AI, ecommerce, Logistics, Operatingleverage, scale | Login |
| Jan 20, 2026 | Fund Letters | Arne Alsin | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | New York Stock Exchange | China, ecommerce, Platforms, Sentiment, valuation | Login |
| Jan 20, 2026 | Fund Letters | Arne Alsin | TSM | TSMC | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, scale, semiconductors | Login |
| Oct 16, 2025 | Fund Letters | Arne Alsin | AMD US | Advanced Micro Devices Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, GPUs, Hardware, OpenAI, semiconductors | Login |
| Oct 16, 2025 | Fund Letters | Arne Alsin | TSM US | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductor Manufacturing | Bull | NYSE | 3nm, AI, Foundry, manufacturing, Pricing power, semiconductors, supply chain | Login |
| Oct 16, 2025 | Fund Letters | Arne Alsin | TSLA US | Tesla Inc. | Consumer Discretionary | Automobiles | Bull | NASDAQ | AI, Autonomy, EVs, Margins, Regulation, robotaxi, Software | Login |
| Jul 22, 2025 | Fund Letters | Arne Alsin | WYNN | Wynn Resorts Ltd. | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | China, Consumption, Discretionary, Gaming, recovery, Tourism | Login |
| Jul 22, 2025 | Fund Letters | Arne Alsin | LVS | Las Vegas Sands Corp. | Consumer Discretionary | Casinos & Gaming | Bull | New York Stock Exchange | Consumption, Gaming, leverage, Macau, Reopening, Tourism | Login |
| Jul 22, 2025 | Fund Letters | Arne Alsin | BABA US | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | cashflow, China, cloud, ecommerce, Regulation, valuation | Login |
| Jul 22, 2025 | Fund Letters | Arne Alsin | TSLA | Tesla Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | AI, Autonomy, mobility, robotaxi, Software, Transportation | Login |
| Jul 22, 2025 | Fund Letters | Arne Alsin | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, Automation, AWS, ecommerce, Margins, robotics | Login |
| Jul 22, 2025 | Fund Letters | Arne Alsin | 9868 HK | Xpeng Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | New York Stock Exchange | Automation, CapEx, China, EVs, innovation, robotics | Login |
| Jul 22, 2025 | Fund Letters | Nightview Capital | WYNN | Wynn Resorts | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | Asia, China, Consumer Discretionary, Equity, Gaming, Macau, recovery, Tourism, Wealth Creation | Login |
| Jul 22, 2025 | Fund Letters | Nightview Capital | LVS | Las Vegas Sands | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | Asia, China, Consumer Discretionary, Equity, Gaming, Macau, recovery, Tourism, Wealth Creation | Login |
| Jul 22, 2025 | Fund Letters | Nightview Capital | BABA | Alibaba Group Holding | Communication Services | Interactive Media & Services | Bull | NYSE | China, Cloud computing, Digital Economy, e-commerce, Equity, Fintech, technology, Value | Login |
| Jul 22, 2025 | Fund Letters | Nightview Capital | TSLA | Tesla | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Artificial Intelligence, autonomous vehicles, Electric Vehicles, Equity, growth, robotaxi, robotics, Software, Transportation | Login |
| Jul 22, 2025 | Fund Letters | Nightview Capital | AMZN | Amazon.com | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, Automation, e-commerce, Equity, Fulfillment, Logistics, margin expansion, robotics | Login |
| Oct 3, 2024 | Fund Letters | Nightview Capital | TSLA | Tesla Inc | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Artificial Intelligence, autonomous vehicles, Electric Vehicles, Full Self-Driving, growth, Neural Networks, Real-World Data, robotics, Transportation Technology, Vision-Based Technology | Login |
| Apr 15, 2024 | Fund Letters | Nightview Capital | TSLA | Tesla, Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Artificial Intelligence, Automotive Manufacturing, autonomous driving, battery technology, Electric Vehicles, energy storage, Full Self-Driving, growth, Neural Networks, Transformational Technology | Login |
| Apr 15, 2024 | Fund Letters | Nightview Capital | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, Artificial Intelligence, AWS, Cloud computing, cost optimization, e-commerce, infrastructure, machine learning, operating leverage, SaaS | Login |
| Apr 15, 2024 | Fund Letters | Nightview Capital | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Cloud computing, digital advertising, distribution network, large language models, Multi-modal AI, SaaS, search engine, Value | Login |
| Oct 18, 2023 | Fund Letters | Nightview Capital | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, Cloud computing, digital advertising, SaaS, search engine, technology conglomerate | Login |
| Oct 18, 2023 | Fund Letters | Nightview Capital | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA | Tesla, Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | AI technology, autonomous driving, Charging Infrastructure, clean energy, Electric Vehicles, energy storage, manufacturing | Login |
| Oct 18, 2023 | Fund Letters | Nightview Capital | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI infrastructure, AWS, Cloud computing, conglomerate, digital advertising, e-commerce, retail technology | Login |
| Jan 30, 2024 | Fund Letters | Nightview Capital | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA | Tesla Inc | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | automotive, autonomous driving, Disruptive Technology, Electric Vehicles, energy storage, growth, manufacturing, robotics | Login |
| Jan 30, 2024 | Fund Letters | Nightview Capital | ABNB | Airbnb Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | hospitality, marketplace, operating leverage, platform, Post-Pandemic Recovery, Sharing Economy, Travel, turnaround | Login |
| Jan 30, 2024 | Fund Letters | Nightview Capital | 000001.SZ | Zillow Group Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Dominant Market Share, marketplace, Mortgage, platform, Real Estate, Rentals, Structural Change, Value | Login |
| Jan 30, 2024 | Fund Letters | Nightview Capital | DIS | The Walt Disney Company | Communication Services | Entertainment | Bull | NYSE | Content Creation, entertainment, Intellectual Property, media, Streaming, theme parks, turnaround, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| CRM | Salesforce is our clearest expression of the system-of-record thesis. It holds the customer relationships of a large slice of the corporate world. That data is the fuel for every AI sales and service agent a company might want to deploy, and the natural place to deploy them is inside the platform that already holds the data. When the software selloff was at its most indiscriminate, we added to our position. We were, in effect, buying the fear. |
| NOW | ServiceNow runs the digital plumbing of the enterprise: the workflows that move a request from 'someone asked' to 'someone did it.' Automation is not a threat to that kind of business. The more work an organization wants to hand to software agents, the more it needs a trusted place to route, track, and govern what those agents do. We added here as well during the quarter. |
| ADSK | Autodesk makes the tools that architects and engineers use to design the physical world. The buildings, the bridges, the machines. This is a business protected by decades of professional habit, file formats, and training, and by the simple fact that when you are designing something that people will stand inside, you want the trust tool. We held our position roughly steady. |
| ORCL | Oracle sits underneath a stunning amount of the world's data and has become one of the more important landlords of AI computing infrastructure. The demand for its cloud has been remarkable. That strength is also why we trimmed the position modestly, harvesting some of a strong run to fund ideas where we saw more room ahead. |
| TEAM | Atlassian is a new position this quarter. It owns the tools that software teams use to plan and ship their work, which places it at an interesting spot in the AI story. The world is about to write a great deal more software, much of it with AI assistance, and all of that software still has to be organized, tracked, and shipped by human teams. We think the company that sits at the center of how software gets built is a fine place to own in a decade defined by building more of it. |
| LVS | We bought Las Vegas Sands. Together, gaming and hospitality became one of our larger thematic exposures by the end of the quarter. The logic here is straightforward: The integrated resort is a moat made of concrete, square footage, and licenses that governments hand out very rarely. It is the kind of asset that does not get disrupted by better software. Indeed, we are bullish on the resurgence of in-person gaming. |
| MGM | We bought MGM Resorts. Together, gaming and hospitality became one of our larger thematic exposures by the end of the quarter. The logic here is straightforward: The integrated resort is a moat made of concrete, square footage, and licenses that governments hand out very rarely. It is the kind of asset that does not get disrupted by better software. Indeed, we are bullish on the resurgence of in-person gaming. |
| WYNN | We added meaningfully to Wynn Resorts. Together, gaming and hospitality became one of our larger thematic exposures by the end of the quarter. The logic here is straightforward: The integrated resort is a moat made of concrete, square footage, and licenses that governments hand out very rarely. It is the kind of asset that does not get disrupted by better software. Indeed, we are bullish on the resurgence of in-person gaming. |
| BLK | Within financials, we rotated toward scale. We roughly doubled our stake in BlackRock. The through-line is a preference for the largest, most durable platforms in asset management and retail brokerage, businesses that stand to become more efficient as they apply AI internally while their scale advantages only compound. |
| SCHW | We added substantially to Charles Schwab. The through-line is a preference for the largest, most durable platforms in asset management and retail brokerage, businesses that stand to become more efficient as they apply AI internally while their scale advantages only compound. |
| GS | We trimmed Goldman Sachs. We rotated toward scale, preferring the largest, most durable platforms in asset management and retail brokerage. |
| MS | We trimmed Morgan Stanley. We rotated toward scale, preferring the largest, most durable platforms in asset management and retail brokerage. |
| AMD | We cut our AMD position by roughly half after a powerful run left it a much larger dollar position than the share count suggested. |
| AXON | We lightened Axon. |
| BEP | We made small adjustments to Brookfield Renewable. |
| NVDA | We made small adjustments to Nvidia, which remains among our largest holdings. Nvidia remains a core holding. We continue to believe it sits at the center of enormous, multi-decade shifts. We simply prefer to own it in sizes we chose on purpose. |
| TSLA | Tesla remains our largest position. We continue to believe it sits at the center of enormous, multi-decade shifts. We simply prefer to own it in sizes we chose on purpose. |
| AMZN | We made small adjustments to Amazon, which remains among our largest holdings. Amazon remains a core holding. We continue to believe it sits at the center of enormous, multi-decade shifts. We simply prefer to own it in sizes we chose on purpose. |
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