OpenAI is the anchor of the AI software stack; the fund is invested directly and building a barbell down the stack to inference and silicon.

Specialized inference ASICs will win as AI workloads scale; Etched provides exposure to the hardware layer beneath model providers.

Fusion energy solves the looming power constraint for AI data centers; Helion is a strategic bet on abundant clean electricity for compute.

The foundation model layer will consolidate around a few winners; Anthropic is positioned alongside OpenAI and Google to capture the power law returns.

Application-layer AI companies like Cognition could emerge as winners alongside foundation models, though still early.