Moats in our neocloud theme: $APLD Ellendale, Macquarie financed $BTDR Bhutan power, SEALMINER ASIC $CIFR AWS anchor tenant validation $CLSK low cost power per MW $CORZ multi-billion hosting backlog $CRWV GPU operator, OpenAI $DGXX 400MW, Blackwell ready pods $HIVE BUZZ HPC GPU subsidiary $HUT vertically integrated power $IREN cleanest HPC revenue ramp $KEEL $533M liquidity, three campuses $MARA largest scale, biggest footprint $NBIS lowest cost per MW operator $RIOT Texas grid scale power assets $SLNH behind the meter, 4.3 GW $WULF Core42 deal, nuclear adjacent $WYFI $865M Nscale anchor contract The important stuff? Secured power capacity, signed anchor tenant contracts, cost per MW competitiveness, and execution speed on conversion. I think #SLNH# offers deep value. NFA. Will keep updating...

.@vkhosla's prediction for the two moats of personal AI: 1. A company you can trust with your data 2. A tool that actually gets the job done “I believe the moat will be trust in a company that develops trust with consumers. And that’s where Meta has a huge disadvantage.” “I also think completion is going to be really important. Consumers will be loyal to products that get their shit done." “If you can get all my stuff done, I’ll be loyal to you.”

data and distribution are the two moats today. no debate. Instinct is the most talked about product in AI and most people can't get an invite. Meta shipped Muse this week. it’s free and inside WhatsApp. any well capitalized company can and will copy the product. find the angle and go all in.

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