How a valuation/concentration trigger reroutes fund capital along the AI value chain AI capex scales; capital flows into four chain tiers; the designer tier gates at high multiple, then reroutes capital to equipment, foundry and platforms. AI capex scales fund's AI allocation · Q2'26 investor letter AI exposure concentrated Equipment KLA · LRCX · ASML tools precede fab Foundry TSM makes leading-edge Designer NVDA richest multiple Platforms GOOGL · META consume silicon tools wafers GPUs add · Q1'26 + SMH ETF raise · Q1'26 TSM cut · Q1'26 cleared Q2'26 raise · Q1'26 alphabet gate trigger position large · multiple high
pooled AI exposure keptrotated within the chain lower valuation · capacity tie