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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Wedgewood cautions that the 'AI buildout' is transforming asset-light tech into a highly cyclical, debt-heavy capital cycle threatened by rapid GPU obsolescence and massive energy grid bottlenecks."
Wedgewood Partners reported a 5.9% net return in Q3 2025, lagging the S&P 500's 8.1%. Major positive contributors included Alphabet and TSMC, while PayPal and Booking detracted despite solid operational metrics. The central theme of the letter is 'The Data Center Blob'—the monumental rise in capital expenditures and debt for AI infrastructure. Wedgewood raises serious concerns about the transition of tech companies into high-debt, capex-heavy operators facing rapid GPU depreciation and local utility grid bottlenecks, while reaffirming their faith in established mega-caps with proven cash-generation capabilities.
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