Insights

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Structural Themes

• AI Inversion: Software to Hardware

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Investment Themes

• Physical AI: The Analog-Digital Boundary

• The Myth of Quantum AI

• Photonics: Separating Computation and Communication

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Investment Theses

• ADI: Owning the Early Physical AI Bottleneck

• The Photonics Bottleneck: A Concentrated Basket

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