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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher."
Q2 2026 delivered one of the most powerful equity recoveries in history with the S&P 500 posting a 9-week winning streak, driven by AI developments and geopolitical de-escalation. Micron Technologies validated the AI thesis with one of the biggest semiconductor beats in history, generating $365 million profit daily and propelling South Korea and Taiwan to the 5th and 7th largest equity markets globally. However, rising DRAM and AI token costs are forcing businesses to migrate away from expensive US cloud platforms, threatening returns on the hyperscalers' projected $800 billion 2027 capex. The US-Iran truce sent oil prices tumbling back to pre-war levels despite inventories at five-year lows. Fed Chairman Warsh signaled a hawkish pivot, removing forward guidance and emphasizing price stability, while the ECB raised rates for the first time since September 2023. Apple's $100-$300 product price increases due to AI chip costs may trigger another inflationary wave. The manager maintains a barbell approach pairing US mega cap technology with Asian memory makers, enters Q3 strongly overweight Japan, and holds elevated cash awaiting better entry points amid rising volatility.
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