Bogdan Ceobanu

Something to reflect on! $TSLA, $AMZN, $GOOG, $FB, $NFLX, $ABNB, $SHOP

NEW: Exclusive Interview with Jaimin Rangwalla, Chief Investment Officer of Public Investments at Coatue In @coatuemgmt's Spring 2026 Investor Update, Jaimin walks through the unexpected winners of the AI cycle: memory, optical, CPUs, & the infrastructure layer quietly outperforming the Mag 7. We cover: - Why Coatue is "following the gigawatts" - Private companies breaking into the global top 25 pre-IPO (OpenAI, Anthropic, SpaceX) - Cash flow transferring from hyperscalers to AI infrastructure - The $12T funding engine behind the AI buildout - Sellers of shortage vs. buyers of shortage - The Token Economy - The CPU/GPU flip reshaping compute demand - Coatue's $6T+ AI market estimate - Agents launching agents / "1,000 analysts working 24/7" Read the full deck & watch the update replay below 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Jaimin Rangwalla, CIO of Public Investments at Coatue (00:56) Inside Coatue HQ (02:48) Investor Update Kickoff (04:36) Mapping the AI Stack (06:02) Why Supply Stays Tight (07:03) How Jaimin's Became CIO (10:43) Private Giants vs Mag 7 (12:40) Market Breadth and Reordering (15:24) Where AI Revenue Comes From (17:04) Tokens and Economy (19:43) Agents Change Everything (21:58) OpenClaw Explained (24:49) Memory Demand Explosion (27:12) Architecture Shifts Ahead (27:24) Agents Gain Memory (27:58) CPU Demand Surge (28:38) CPU GPU Ratio Flip (30:21) Key Chip Players (30:45) Intel Comeback Thesis (31:41) Semis Go Mainstream (33:24) Nvidia Mania and GTC (33:59) Tracking Data Center Buildouts (35:21) Jobs Lost and Created (37:30) Sellers Versus Buyers (40:54) Optical Breakouts (41:27) Bottlenecks Everywhere (44:48) Sentiment Versus Fundamentals (47:10) Handling Volatility (49:17) Finding New Leaders (51:18) Trillion Dollar IPOs (52:48) Risks and Disruptions (55:00) Coatue Growth Story (55:58) Staying Curious to Win

@SergeyCYW Wasn’t aware of EUV. Thanks for sharing!

Three ETFs Targeting the Next AI Infrastructure Bottlenecks The first wave: own the obvious AI leaders. But investors may now need to ask where the bottlenecks are forming. Three ETFs offer a useful framework for this shift: SMH, DRAM, and EUV. Each targets a different layer of the AI infrastructure chain. SMH gives broad semiconductor exposure, DRAM isolates the memory bottleneck, and EUV targets lithography, photonics, and optical infrastructure. SMH is the most institutionalized option. It provides exposure to large semiconductor and semiconductor-equipment companies rather than one narrow choke point. Key holdings include $NVDA at 17%, $TSM at 10%, $AVGO at 8%, $INTC at 8%, $AMD at 7%, $MU at 6%, $TXN at 5%, and $KLAC at 4%. This makes SMH the most natural core holding of the group for investors who want exposure to the full AI hardware stack. It covers GPUs, foundries, custom silicon, CPUs, memory, analog chips, and semiconductor manufacturing tools. The trade-off is lower purity. SMH is not a single bottleneck bet. It is a broad semiconductor ecosystem bet. DRAM is more targeted. It is designed around the AI memory squeeze, with exposure to HBM, DRAM, NAND, and storage demand. The fund is highly concentrated. Its largest positions are SK Hynix at 28.15%, $MU at 27.16%, and Samsung at 19.67%. Together, these companies dominate the global memory supply chain. Smaller holdings such as Kioxia, $SNDK, $STX, $WDC, Nanya, and Winbond add exposure across NAND, SSDs, HDDs, and specialty memory. DRAM is arguably the cleanest expression of the AI memory bottleneck. It is also more momentum-driven and concentrated than SMH, with a higher 0.65% expense ratio. EUV is the most specialized and higher-risk ETF in the group. It focuses on the “light layer” of AI infrastructure: photonics, EUV lithography, optical networking, semiconductor inspection, and precision manufacturing tools. Holdings include $TSM at 9.52%, $ASML at 7.97%, $GLW at 5.19%, $LRCX at 4.98%, $AMAT at 4.84%, $LITE at 4.46%, $CIEN at 4.32%, and $KLAC at 4.07%. AI data centers increasingly face limits around power, bandwidth, packaging, and interconnect speed. Photonics and advanced lithography may become critical as compute demand scales. Framework: SMH = core AI semiconductor exposure DRAM = memory bandwidth and capacity bottleneck EUV = lithography, photonics, and optical infrastructure bottleneck

@Jason Cappuccino lovers are everywhere. The content should be international. Cheers! @TerraKaffe

I loved this espresso machine so much that I invested over $1m in the company... and I'm giving one away to my followers here! (link in reply tweet)!

@draecomino I'm sure it was a really incredible ride. Congratulations!

This was my first day at Cerebras in March 2023. There was no Claude Code, no agents, no fast inference. We were just getting started on AI training. I didn't know if we were going to make it.

@koba_kobba Thank you! Very much appreciated.

$CBRS セレブラスってどんな会社？

BYD just unveiled a new SUV in China that uses a fully active hydraulic suspension system. The system is able to individually lift a corner so you can change a tire without any jack.

I remind myself of this quite often.

The real frenzy starts once the most hyped companies go public. Space: SpaceXai Defense: Anduril Al: OpenAl, Anthropic Robotics: Figure Al, Apptronik Fintech: Stripe, Revolut Crypto: Kraken, Ripple, Prediction Markets: Polymarket, Kalshi Chips: Groq, Cerebras Cloud: Databricks We haven't seen anything yet...

500% NDR at Anthropic is the stat of the year for me… I asked Krishna what questions he'd ask the model companies if he were an investor. His three:
 1) What is the ROI on compute? 2) How are customers seeing ROI? Are they deploying at scale or just testing? 3) How do you think about compute in the future, and where does it come from? His answer to the second one: "Our net dollar retention is over 500% on an annualized basis. Nine of the Fortune 10 are customers. [In the 20 minute Uber to this podcast], I signed two double-digit million-dollar commits."

@Jake__Wujastyk HBD Jake. Good luck and have lots of fun!

Happy Birthday to me

@HsanC_ Huge! Congratulations. Do you mind sharing few details on your GEO approach?

My SaaS just hit $1.6K MRR 🥳 Marketing channels that helped: - SEO + GEO - Reddit - YouTube Soon $2K/mo 🎯💪

Engineering perfection. ↓

@StockMKTNewz @perplexity_ai Bravo! Congratulations to you and to Perplexity for supporting creators who always share great content about the markets!

Want to see something cool ... I just got my first Apple Mac Mini🍏 I'm about to become an AI Agent master. What is something I should automate? Shoutout to @perplexity_ai for sending me this so I can get the best out of their new Personal Computer feature, im excited 👀

@itsmichaelluu How did you made the graphic? Which tool did you use?

In 2026, $NVDA put $15,000,000,000 in 7 AI super companies so far. Here's exactly why they partnered with these companies: $MRVL Marvell → AI scaling is now bottlenecked by networking and custom silicon. Marvell solves critical data movement problems between GPUs, memory, and hyperscale systems. $LITE Lumentum → As GPU clusters grow, optical interconnect demand explodes. Lumentum’s photonics technology helps AI systems transfer massive amounts of data with lower latency and power consumption. $COHR Coherent → Coherent enables next-generation optical communications and advanced semiconductor materials. AI factories cannot scale efficiently without faster optical transmission technologies. $GLW Corning → AI data centers need massive fiber density and ultra-fast optical connectivity. Corning supplies the backbone glass and fiber infrastructure enabling hyperscale AI clusters to communicate at scale. $IREN IREN Limited → AI requires enormous amounts of cheap power and scalable compute infrastructure. IREN gives NVIDIA exposure to next-generation AI data centers with energy advantages most competitors can’t replicate. $CRWV CoreWeave → CoreWeave became one of NVIDIA’s most important AI cloud partners because it aggressively buys NVDA GPUs faster than traditional hyperscalers. This expands NVIDIA’s AI compute dominance globally. $NBIS Nebius → Nebius is building AI-native cloud infrastructure optimized specifically for high-performance training and inference workloads. NVIDIA benefits from another rapidly scaling ecosystem partner consuming massive GPU capacity. 3 extremely likely future NVDA partnerships: 1. $ANET Arista Networks → AI networking demand is exploding. NVIDIA + Arista together could dominate hyperscale AI traffic infrastructure. 2. $VRT Vertiv → AI data centers are running into cooling and power bottlenecks. Vertiv solves one of the biggest scaling problems for AI globally. 3. $ETN Eaton → AI power demand is becoming the next trillion-dollar bottleneck. Eaton provides the electrical infrastructure needed to sustain hyperscale AI expansion. They’re building the entire AI empire infrastructure stack from silicon → photonics → networking → power → data centers.

Colombia has declared its entire Amazon biome a reserve zone for renewable natural resources, effectively banning any new oil exploration, hydrocarbon production, or large-scale mining projects in the region. Colombia has declared its entire Amazon biome a reserve zone for renewable natural resources, effectively banning any new oil exploration, hydrocarbon production, or large-scale mining projects in the region. The protected area spans approximately 483,000 square kilometers about the size of Sweden and represents 42% of Colombia’s continental territory, covering roughly 7% of the entire Amazon rainforest basin. Announced during COP30 in Brazil, the decision makes Colombia the first Amazonian country to protect its entire share of the rainforest from new extractive industrial activities. The policy halts dozens of pending concessions, including 43 oil blocks and hundreds of mining requests that had not yet begun operations. By prioritizing ecosystem preservation over fossil fuel and mineral extraction, the measure aims to reduce deforestation, protect biodiversity, and maintain the Amazon’s crucial role in global climate regulation through carbon storage and water cycle stability. The initiative, introduced under the Petro administration, reflects a shift toward sustainable development and could set a precedent for other Amazon nations facing similar pressures from resource extraction. Environmental advocates consider it one of the most significant conservation victories in recent history, safeguarding vital ecosystems and Indigenous territories while contributing to global climate protection.

@Mindsetfx How do you make these graphics? Is it nanobanana?

Psychology in trading -Control your emotions -Patience -Confident not overconfident, and so on Risk management in trading -Lot size control -Daily loss limit -Use stop loss Discipline = Profit NO RISK MANAGEMENT - NO TRADER

Eric Schmidt: Google co-founder Sergey Brin's formula for running a company

I’ve always believed the No.1 application of AI should be to improve human health. That work started with AlphaFold, and now at @IsomorphicLabs with the mission to reimagine drug discovery and one day solve all disease! We are turbocharging that goal with $2.1B in new funding.

@wolfejosh @LTwolfe Huge! Congratulations.

Single luckiest + best thing that ever happened in my life❤️ Together 22, married 19 yrs today. @LTwolfe