News & Insights
Notes and letters from the house.
Occasional writing on the build-out and the markets around it. These notes are informational. They are not investment advice, an offer or a solicitation.
Letter
27 August 2026
A letter at the end of summer
Eight months in, the build-out has not slowed and the constraints have not moved. A short account of what we changed, and what we did not.
Thesis
24 August 2026
Robotics is a components business first
The demonstrations are impressive and the units are few. For now, the durable returns sit with the actuators, the sensors and the reducers.
Note
20 August 2026
Settlement, not speculation
The interesting part of digital assets is no longer the price. It is that a growing share of dollars now settles in seconds, on rails somebody owns.
Thesis
20 June 2026
Inference, not training, sets the economics
The market still prices the AI build-out around training runs. The durable economics sit in inference, and they look different.
Note
18 June 2026
Power is the ceiling
Compute is abundant on paper. Firm, around-the-clock power is not. The grid, not the chip, is the binding constraint.
Market
16 June 2026
A note on copper
Electrification and data centres pull on the same wire. Copper supply was planned for neither.