Infrastructure Winners
"Long infra. Short spoons." — the four-word NOOPS investment thesis. In a paradigm shift, infrastructure providers win. entity/nvidia is the kingmaker via strategic GPU allocation. entity/tsmc is sold out until 2028. entity/cloudflare got hammered in the cybersecurity sell-off but is actually an infrastructure winner — a buying opportunity.
+21.0pp
Basket vs S&P 500since published — the verdict number
Basket absolute+34.1% · 16 instruments
S&P 500 same period+13.1%
Call directionBullish ↑
A bullish call is scored on performance relative to the market, not the raw tape.
| Instrument | Price | Today | Since published | vs SPY | 90d |
|---|---|---|---|---|---|
| DELLDell Technologies | 396.34 | +1.3% | +128.9% | +115.7pp | |
| MRVLMarvell | 194.94 | +3.3% | +78.0% | +64.9pp | |
| AMATApplied Materials | 579.43 | -2.7% | +64.3% | +51.2pp | |
| LRCXLam Research | 335.43 | -3.1% | +52.0% | +38.9pp | |
| ASMLASML | 1775.64 | +2.9% | +36.2% | +23.0pp | |
| ANETArista Networks | 169.35 | +0.4% | +34.1% | +21.0pp | |
| NETCloudflare | 272.42 | -1.9% | +28.6% | +15.5pp | |
| SMCISuper Micro Computer | 28.31 | +0.2% | +28.4% | +15.3pp | |
| GEVGE Vernova | 1079.18 | +2.0% | +20.3% | +7.1pp | |
| AVGOBroadcom | 370.82 | -1.0% | +17.9% | +4.8pp | |
| VRTVertiv | 304.57 | +0.3% | +17.7% | +4.6pp | |
| TSMTSMC | 402.30 | +1.0% | +17.7% | +4.6pp | |
| NVDANVIDIA | 203.28 | +0.2% | +14.4% | +1.3pp | |
| NXT.AXNEXTDC | 13.91 | +6.6% | +10.4% | -2.7pp | |
| VSTVistra | 157.99 | +1.6% | +4.2% | -8.9pp | |
| CEGConstellation Energy | 253.50 | +0.4% | -7.9% | -21.0pp | |
| SPYS&P 500 — benchmark | 745.40 | -0.3% | +13.1% | — | |
| Basket: Fabs, EUV, accelerators, networking, servers, cooling, DCs, and the power to run them | |||||
Recent evidence 429 signals filed
The research system PRO
- Full analysis — the complete living document behind this call
- Version history — watch the thesis evolve, v1 → v40, with change notes
- Evidence archive — all 429 signals filed to this thesis
- The knowledge graph — entities, concepts & comparisons behind the call
- Your agent gets a key — full API access to the same system
When we're wrong
One thesis is currently moving against us — Agents as Primary Users, +9.3% since published. It stays on the board. We update priors on evidence, not on evidence we went looking for.