60 TIMES AS MUCH AS THE AI STOCK GOD. FUCK
Author:Beep News
2026Year5Month18I don't knowGeneral Awareness LPSubmitted2026First quarter13FDocumentationI don't know。
This fund has a nominal exposure to equity and options from2025End of year55.2A billion dollars has been expanded to136.77Billion dollars, single-season growth148 per centI don't know。
But it's not size, it's structure:Over60%The new nominal openings are all over the chip plate's drop options。
Q1What did you do
The drop options cover nine points:VanEckSemiconductorETFI'm sorrySMH♪ Young Weidar, Bonto, Oracle, ♪AMDLight, electricityASMLIntel。
of whichSMHYesPUTThe largest nominal size, da20.4Billions of dollars15.6Billion dollars. Light and stationary power hold the right to see up and down at the same time, and are two-way fluctuations rather than unilateral empty。
What needs to be explained is that:13FThe document discloses only the nominal value of the option and does not directly determine the net empty size。This onePUTThe warehouse space may be free of initiative, or it may buy hedge protection while holding multiple heads。
Documents alone cannot restore the full intent。
In the right direction, the Fund continues to add additional computing infrastructure。
CoreWeaveShareholding from610Ten thousand shares increased to71810,000 sharesIRENandAppleted DigitalSynchronization
The most visible expansion of the mining industry is thatBitfarms(renamedKeel InfrastructureFrom690Ten thousand shares increased to1988We're in a million sharesCleanSpankFrom164Ten thousand shares increased to1228We're in a million sharesRiot PlatformsFrom617Ten thousand shares increased to1150Ten thousand shares。
Bloom EnergyLess35910,000 shares, but still in possession8.79Market value of $1 billion with retention40.85It's a lot of options. This is the end of the profit, not the change of direction。
The exit action is concentrated in light communication direction。
LumentumandCourtIt was completely cleared, last quarterLumentumThere's still a lot of space8.68 per centZero this quarter。
Intel's operation deserves separate attention:Holding last quarter2000Ten thousand increases in options, all of which are cleared this quarter, have been added。
It's not a flat, it's a completely reverse direction, from looking more to looking empty。
The bottleneck is where the money is
This13FThe logic behind this is a specific supply and demand judgement:AIThe constraints of expansion are moving。
In the last two years, constraintsAIThe core contradiction of scale isGPUShortfalls, and the market keeps trading in BritainHBMMemory, advanced process and photocommunication. At this stage, the chip plate as a whole received a substantial premium。
However, new constraints are emerging as the size of the calculus clusters rushes towards 100,000 or even millions。
There is a backlog of grid access applications in the United States2TWThe average waiting period is more than five years; transformer capacity is limited and the construction cycle of the new data centre is calculated on an annual basis; the chip can be expanded on a continuous basis, but the power, land and capacity-building required to support the chip operation cannot be synchronized。
In this judgementThe logic of making an empty chip plate isn't thatAIIt would fail, but it would be assumed that the chip-end valuation had reflected expectations ahead of time and that value was shifting to a more downstream physical infrastructure。
BuySMHWith InverdaPUT, is a possible valuation correction for the chip end; continues holdingCoreWeaveI'm not sure what I'm talking aboutBloom EnergyIt is a bet on electricity and room capacity that actually create bottlenecks。
CoreWeaveThe operation confirms this: Look at the increase in options1081I'll cut them all181Ten thousand copies, and ordinary shares from610Ten thousand shares increased to718Ten thousand shares。
It's not changingIt is simply changing the highly leveraged options position to a positive share and reducing the impact of volatility on the portfolio。
From2.25Billions136.77Billion
This fund2024Year9It's a first13FDisclosure of US stock exposures2.25Billion dollars。Present2025By the end of the year, that number had increased55.2United States dollars; as at2026YearThreeMonth31Oh, my God. It's a nominal opening136.77Billion dollars。
2025During the first half of the year, the Fund achieved a return agreement47%Standard during the same period500It's just the increase6%All year long, we won the BDP500Approximately12.5Percentage point。
Before the foundation, this..24It was published by an old German165PageThe Decade Ahead:It saysAGITimelines, electricity and computing infrastructure will be the biggest bottlenecks. Early funding from the FundNat FriedmanI don't knowDaniel GrossandStripeSororityPatrickandJohn CollisonI don't know。
The significance of this quarterly report is that it is not the only one that has a problemIt translates into a specific silo structure a judgement that had previously remained more at the narrative level。
The chip is just an entrance to expansionAIThe speed of expansion is whether power is available in the real world, whether the machine room can be built or whether the grid can be restored within five years。
If that judgment is true, for the past two yearsAIThe key word for investment isGPUand modelsThe next few years may be electricity, land and construction time。
