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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The US is betting heavily on AI software while ceding the physical infrastructure to power it. True value in the Next Economy will accrue to those controlling the physical 'Electric Stack' and the systems converting electrons into real-world work."
Green Alpha's Garvin Jabusch outlines a critical macro thesis for the next decade of economic competition. Silicon Valley has wagered on pure AI software models underestimating physical bottlenecks, while China has wagered on controlling the infrastructure to deploy and power that intelligence. China now dominates the 'Electric Stack', controlling 75% of battery production and 90% of neodymium magnets, and adding over 8x the power capacity of the US in 2024. The US response has retreated into a defensive 'petrostate' position, leaving its tech sector vulnerable to severe power grid constraints (8-year interconnection queues). Green Alpha sees long-term opportunity in the 'Circular Stack' (high-affinity chemistry battery recycling) and Western manufacturers riding proven cost curves in protected sectors, positioning their portfolios away from petrostate assets and toward electrostate builders.
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