Compute算力
AI & semiconductorsAI 与半导体
Foundries, accelerators, memory and the supply chain behind them — read through company disclosures rather than headlines.晶圆代工、加速器、存储以及背后的供应链——以公司一手披露为依据，而非新闻标题。
Focus areas关注领域
From silicon to power to capital.从芯片，到电力，再到资本。
Our research concentrates on technology and US equities, with a smaller body of work on institutional real-world assets and private credit.我们的研究集中于科技与美股，同时少量覆盖机构级真实世界资产（RWA）与私募信贷。
Cloud云
Hyperscaler capex超大规模云厂商资本开支
How the largest cloud platforms finance, deploy and justify AI infrastructure spending, quarter by quarter.最大的云平台如何逐季筹措、部署并论证 AI 基础设施投入。
Infrastructure基础设施
Data centers & power数据中心与电力
Grid access, generation, interconnection and the physical constraints that shape the pace of the AI build-out.电网接入、发电、并网，以及决定 AI 基础设施建设节奏的物理约束。
Automation自动化
Robotics机器人
Industrial and general-purpose robotics, and where hardware, models and manufacturing meet.工业与通用机器人，以及硬件、模型与制造的交汇之处。
Applications应用
Software软件
Enterprise software and the economics of AI at the application layer.企业软件，以及 AI 在应用层的商业逻辑。
Credit信贷
Institutional RWA & private credit机构级 RWA 与私募信贷
Tokenised real-world assets and asset-backed finance where they intersect with institutional markets — including credit secured by compute.代币化真实世界资产与资产支持融资在机构市场中的交汇——包括以算力为抵押的信贷。
Focus areas describe research coverage only. They are not a statement of holdings or a recommendation.关注领域仅说明研究覆盖范围，并不代表持仓，也不构成任何推荐。