Lonis Hamaili: Launching an AI Supply Chain Hedge Fund

The AI investment thesis prioritizes the physical supply chain over software, as scarce, durable inputs like memory and silicon wafers offer superior long-term value. While software companies often command high multiples, fundamental oligopolies in the AI infrastructure stack remain undervalued despite their significant operating leverage. The transition from chat-based interfaces to autonomous enterprise agents will drive exponential token demand, creating a massive market opportunity that dwarfs consumer-facing applications. This surge in AI-related capital expenditure is fundamentally altering global financial markets, shifting capital away from traditional treasuries and potentially driving interest rates higher. Investors can find alpha by focusing on technically durable assets and "suppliers of suppliers" globally, leveraging AI-powered research to identify mispriced opportunities that traditional analysts overlook. This strategy emphasizes long-term fundamental durability and structural supply constraints rather than short-term market sentiment or speculative software valuations.