Portfolio Highlights
The Laniakea Partners investment process has delivered a CAGR of >35% in portfolio assets on an unleveraged basis (options or otherwise) since 2018. Below is a sample of the portfolio’s history and current structure. Full position logic, sizing, and monitoring is live in the Research Vault.
Section A
Positions that exceeded 5% of portfolio weight and returned over 10×.
Entered when the market priced a vertically integrated energy-and-software company as a niche carmaker. The variant perception — manufacturing learning curves compounding under a software-defined vehicle — played out through the Model 3 ramp and the energy storage scale-up. A defining lesson in holding through drawdowns when the cost curve's physics is on your side.
Bought as a parallel-compute platform before the market accepted that neural networks were the workload of the era. CUDA converted a component vendor into the default substrate of machine intelligence, and the datacenter business re-rated it from cyclical chipmaker to infrastructure monopoly. The position that defined the silicon-transition thesis.
Underwritten when consensus saw a services firm with lumpy government revenue. The variant perception: the ontology — a live semantic model of an institution — is an operating layer, not a consulting artifact. Commercial adoption and AIP proved the leverage; the re-rating followed the model.
Accumulated as a commodity DRAM cyclical while high-bandwidth memory was a rounding error. Packaging and yield leadership made it the memory-bandwidth toll booth of AI training, converting the industry's most brutal cycle into oligopoly economics at the precise moment demand structurally inflected.
Section B
The high-bandwidth-memory leader. Packaging and yield discipline hold the dominant share of HBM supplied to the flagship AI accelerators while conventional DRAM tightens beneath it. Memory bandwidth, not logic, is the binding constraint on inference economics — and Hynix owns the toll.
The foundry. Process leadership at the leading edge plus advanced-packaging capacity make it the physical chokepoint every AI roadmap routes through. Each node's capital intensity retires another challenger, compounding pricing power. Arguably the most entrenched position in the global economy.
The ontology company: a live semantic model of an institution that software — and now agents — can safely read and act on. Forward-deployed engineering builds switching costs consultancies cannot, and AIP turns the ontology into the substrate for enterprise AI. The operating layer of the cybernetic corporation.
A programmable network within milliseconds of most humans and machines on Earth. Edge compute, Zero Trust, and SASE consolidate onto one global fabric with near-zero marginal cost of shipping new products. Distance-to-user is a moat that capital alone cannot replicate.
No longer a chipmaker: a full-stack AI computing platform spanning silicon, NVLink and InfiniBand networking, systems, and the CUDA layer the industry's code is written against. The rational monopolist of the training era, extending into inference through platform gravity.
Security spend is consolidating onto platforms exactly as the AI era multiplies the attack surface. Platformisation trades near-term billings for durable share of the enterprise stack across network, cloud, and the SOC — the default consolidator of a permanently growing budget line.
The process-control franchise. As geometries shrink and packages stack, yield becomes the economics of the fab — and KLA's metrology and inspection installed base is the instrument the industry cannot make chips without. The richest margins in semicap, protected by physics and decades of accumulated data.
The leader in testing the most complex silicon ever made. AI processors and HBM stacks multiply test intensity per wafer, and system-level test extends the franchise beyond the die. A direct royalty on silicon complexity, collected regardless of which chip designer wins.
The broadest materials-engineering portfolio in semiconductor equipment. Gate-all-around transistors, backside power, and advanced packaging all shift value toward deposition, etch, and materials innovation — Applied's home ground. A diversified toll across every inflection on the roadmap.
The hybrid-bonding leader. As lithographic scaling slows, stacking becomes the axis of progress, and copper-to-copper hybrid bonding is its enabling step. Tool leadership at the frontier of packaging precision positions BESI where assembly becomes the new Moore's Law.
Etch and deposition leadership wherever structures go vertical: high-aspect-ratio NAND, DRAM capacitors, gate-all-around. Memory capex recovery and architecture transitions expand the served market, while services on the installed base compound through every cycle.
The atomic-layer-deposition leader. Gate-all-around disproportionately expands ALD intensity — depositing perfect films one atomic layer at a time is precisely the step the new architectures multiply. A focused franchise on the most exacting process in the fab.
The MLCC leader — thousands of capacitors in every AI server, multiplying with each step-up in power density. Passives are the hidden toll of electrification and AI power delivery, and Murata's materials science keeps it the price-maker in a component the world cannot design around.
Wafer-level burn-in and test for silicon carbide, gallium nitride, and increasingly AI silicon reliability. As power devices and hot-running processors demand proven longevity, test migrates from package to wafer — Aehr's installed-base moment, if execution holds.
The workflow layer of the enterprise, and the system of record agents need in order to act safely inside large organisations. If corporations become cybernetic, ServiceNow is a leading candidate for the wiring standard — a thesis the vault tracks closely against Palantir's ontology.
The default interface to global audio, now demonstrating the pricing power and marketplace economics the market long denied it. Discovery is the scarce asset in an infinite catalogue, and Spotify sells it to both sides. Operating leverage is the emerging story.
A monopoly on a fanatically loyal IP universe, run with unusual capital-allocation discipline. Licensing — including the Amazon relationship — converts four decades of world-building into royalty streams at near-zero marginal cost. The rare franchise whose moat is devotion.
Section C
Undisclosed positions, full position logic, and daily research live in the Research Vault. Access is granted personally.
