This $40 billion deal is just a small part of a much larger compute buildout that's 10 times the Manhattan Project and all privately funded. As we head into 2026, there are strong tailwinds including massive reindustrialization investments and deregulation. Rates are coming down, and we might enter a rate cutting cycle by year-end, beginning an AI supercycle. The Nasdaq is already up 35% off its bottom as of May. I think adjusting position sizes is wise, but anyone betting against the Fed stimulus and economic momentum seems unwise.

Nvidia will continue to compound over the next three to four years due to compute constraints and a strong AI tailwind. Investing along the compute spectrum is sensible.

Investing indirectly in SoftBank and Microsoft, which own stakes in OpenAI, is how we are positioned. Microsoft, in particular, is misunderstood in how much it benefits from the current moment.