Barbell strategy: own foundation models, inference, and custom silicon
The AI stack will concentrate value in a few foundation model winners; investing down the stack into inference providers and specialized ASICs (Etched) captures structural demand for comput…
Barbell fund construction: large growth checks for fast DPI + early venture for optionality
A barbell approach — deploying big checks into late-stage companies with near-term liquidity (SpaceX, xAI) while maintaining early-stage venture exposure — optimizes for both DPI and upside…
Fusion energy (Helion) as critical enabler for AI data center power
AI compute growth is constrained by electricity supply; fusion offers a potential step-change in clean baseload power, making Helion a strategic infrastructure bet.
Defense tech, robotics, and manufacturing represent the next 'atoms' wave
After software, the next investment frontier is physical-world automation: defense technology, robotics, and advanced manufacturing where AI meets the real world.
Biology x AI convergence still early with no obvious winners yet
The intersection of AI and biology is a nascent investment theme; even Sam Altman signals it's too early for clear winners, suggesting a long horizon for company formation.