The Descent Through the Stack

Power, then data centres, then memory, then the machines that make the chips. Each layer narrower, deeper and dimmer than the one above.

Tap to enlarge

SEC primary 14The Descent Through the Stack ↻ Replay ⤢ Fullscreen Open full screen ↗

SourceHoldings per SEC Form 13F. Source Foundry: $400M announced Aug 9, 2026, taking the total position to $500M (TechCrunch, Quartz).