Otavio (Tavi) Costa(@TaviCosta):Tech is now officially more capital-intensive than mining. This represents a fundamental shift in the market. Miners offer stronger margins, healthier balance sheets, and more compelling embedded growth. They offer a far more asymmetric way to express the AI investment thesis than technology itself, in my view.

Otavio (Tavi) Costa

@TaviCosta

Founder & CEO of Azuria Capital LLC. Macro thinker, history student, value-oriented investor. Native of Sao Paulo, Brazil 🇧🇷 E-mail: tavi@azuriacapital.com

参加 June 2014

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Otavio (Tavi) Costa@TaviCosta

2026.09.02 03:42

Tech is now officially more capital-intensive than mining. This represents a fundamental shift in the market. Miners offer stronger margins, healthier balance sheets, and more compelling embedded growth. They offer a far more asymmetric way to express the AI investment thesis than technology itself, in my view.