Infra Play #141: Q2'26 Infra Play portfolio

Chasing the bottlenecks of AI

Being in the public markets over the last year has been a rocky experience. After most of 2025 was dominated by the back-and-forth on tariffs, 2026 has been overshadowed by what has long been considered one of the worst possible scenarios: a hot war with Iran.

The actual impact was limited. The war was mostly a one-sided affair, outside of the closure of the Strait of Hormuz. Still, markets did experience a shock, followed by an aggressive rebound.

Depending on how the next few weeks play out, the following companies are on the list to be evaluated for the Q2 version of this portfolio: Micron (MU), Broadcom (AVGO), NVIDIA (NVDA), Alphabet (GOOGL), Constellation Energy (CEG), ASML, Oracle (ORCL), Microsoft (MSFT), AMD, TSMC (TSM), Core Scientific (CORZ), Solaris Energy Infrastructure (SEI), Astera Labs (ALAB), Vertiv (VRT).

One month ago I temporarily exited the markets, as there was no edge to be had in this environment unless you had direct access to the administration ahead of significant announcements. Insider trading has never been more blatant or difficult to navigate unless you like gambling. This is not to say I’m complaining (humans will always be incentivized to take advantage of information asymmetry), but rather to flag that any investments around big events require you to calibrate for the cost of missing vital information in advance.

Over April I rebuilt the positions that now form the Q2’26 Infra Play portfolio (which hopefully will not require a complete directional shift, but you never know what happens with Taiwan). There are some expected names, as well as many new ones.

Power, cooling, custom silicon, memory, lithography, silicon photonics foundry, InP tools, connectivity silicon. Each layer is a separate bottleneck, each bottleneck is structurally short on supply, and each name is the cleanest expression of the layer it sits in.

Let’s get into into this not financial advice.