A few updates to my portfolio for a bit of speculation — maybe something will catch your interest

$AIP (Arteris)

- They make IP for chips (interconnects inside an SoC — without it AI chips don’t function efficiently)

- Riding the AI trend — the more complex the chips, the more you need their tech

- Why: leverage to the whole semiconductor boom

- Risk: small company, dependent on a few large customers, currently weaker cash flow

$ALMU (Aeluma)

- Materials for chips + optoelectronics (lidars, AI, defense)

- Very much an early-stage story

- Why: it could be a hidden gem if it takes off

- Risk: small company, few people, highly speculative

$EME (Emcor)

- Engineering, electrical installations, infrastructure (data centers, industry)

- Why: AI = data centers = someone has to build them → they make money with a “shovel”

- Risk: cyclical business, dependent on the economy

$EXTR (Extreme Networks)

- Network infrastructure (WiFi, cloud networking)

- Why: growth of data + AI = more need for networking

- Risk: strong competition (Cisco etc.), smaller player

$ONON (On Holding)

- Athletic footwear (competitors Nike, Adidas)

- Growing fast, building the brand

- Why: growth story + premium positioning

- Risk: valuation, retail is cyclical, the hype may fade

$SOI.PA (Soitec)

- Special wafers for chips (SOI technology)

- Supplier for automotive, 5G, AI

- Why: a critical part of the chip supply chain

- Risk: cyclicality of semiconductors, dependence on demand

We'll see what comes of it