The Few Bets That Matter
Concentrated Equity Investor, AI Infrastructure
Nordic Semiconductor is where the wearables money is, because Garmin, Whoop and other brands will all use its chips whichever product wins. Wearable makers are raising millions to accelerate production, and users describe the insights as valuable, so demand for AI-enhanced devices should keep climbing, and investors should own the hardware that scales with it. x.com
Wearables are the next massive hardware trend, and Nordic Semiconductor's Bluetooth chips will power them. Its chips sit inside Oura rings, and Apple is the only holdout with homemade hardware; Apple design talent leaving to build rings suggests Apple is very late on its next wearables. Nordic's recent high-volume rally, with two days of trading near a typical week's volume, shows the market starting to wake up to the inflow coming its way. x.com
Ambiq Micro is a great name because it owns the higher-margin wearables segment, compared with Nordic Semiconductor's solid position outside wearables. Few are talking about it yet; after it doubles again, larger promoters will likely find it and start pumping it. x.com
Garmin is riding a running boom that has turned its watches into status symbols. Fitness revenue jumped 42% to $547M in Q1 2026 as the marathon and Hyrox crowd keeps buying. Per the FT, a £115 running watch is quietly beating the Rolex as a status symbol, because a Garmin signals success that has to be earned. x.com
Nordic Semiconductor, Ambiq Micro and CEVA look unattractive as edge AI silicon suppliers, with the full argument set out in a new Substack article. x.com
Qualcomm has little downside with Amazon having come in as an investor at around $160 a share. Investors give it almost no credit for AI, wearables, robotics and auto, and those businesses can do the heavy lifting to keep the stock steady next year. x.com
