Market Calls
Directional theses on companies and sectors, linked to supporting research.
Direction
Conviction
By Sector
High Conviction
Anduril: Building the Full Stack of Software-Defined Defense
The primary tech-native integrator for Golden Dome — the largest defense procurement program in a generation.
Oracle: The Quiet AI Infrastructure Winner
Enterprise lock-in meets AI secular demand at a scale the market is still mispricing.
Legora: Legal AI Crosses the Trust Barrier
800 enterprise customers prove legal AI has crossed the trust barrier — US expansion is the catalyst.
Anduril: Building the Full Stack of Software-Defined Defense
The primary tech-native integrator for Golden Dome — the largest defense procurement program in a generation.
Mind Robotics: The Rivian Data Flywheel Bet
Rivian data flywheel meets AI robotics — a long-duration sector bet, not a near-term conviction call.
Nscale: Positioned at the Inference Bottleneck
Purpose-built inference infrastructure becomes the binding constraint as agents consume 100x more tokens.
Lovable: The Most Capital-Efficient Software Company Ever Built
$400M ARR at $2.7M revenue per employee — vibe coding is expanding faster than bears expected.
AMI Labs: The Most Expensive Contrarian Bet in AI
If LLMs plateau, LeCun's world models become the defining paradigm shift.
Oracle: The Quiet AI Infrastructure Winner
Enterprise lock-in meets AI secular demand at a scale the market is still mispricing.