The five anchors, drawn

Each anchor has a shape. Each shape tells the trade.

Generative portraits, one per anchor, drawn from the thesis. HBM die stack for memory. Grid lightning for power. Photonic ring for the next interconnect. Switch fabric for custom silicon. Datacenter floor for the neocloud. They render in the drawer header, the Substack OG card, the Map slab.

▌ L02 · Compute & Memory

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Anchor L02 · Compute & Memory — weight

Micron Technology. Memory is the bottleneck. HBM demand outruns supply through 2027. Three suppliers, two fabs that matter. Cheapest seat at the densest table.

▌ L01 · Power & Grid

VST

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Anchor L01 · Power & Grid — weight

Vistra. Power is the ceiling. Gas peakers set the marginal MWh. Comanche Peak prints the nuclear headline. PJM clears 4.5x prior. The lifetime is noise, not the trade.

▌ L02-L03 · Custom silicon · Networking

AVGO

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Anchor L02-L03 · Compute IP + Networking — weight

Broadcom. Custom silicon priced like a service. Ethernet wins the scale-out fight. 90% of switch silicon shipped by one vendor. UEC is the new story.

▌ L05 · Datacenters · neocloud

NBIS

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Anchor L05 · Datacenters — weight

Nebius Group. Neoclouds take what hyperscalers cannot land fast enough. Microsoft and Meta both on the backlog. Sovereign anchors fund the buildout. $50B backlog real, conversion accelerating.

▌ L04 · Photonics · InP quantum-dot

ALMU

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Anchor · frontier L04 · Photonics — weight

Aeluma. Copper hits a wall around 224G per lane. Co-packaged optics moves the wall. InP and quantum-dot lasers are the only substrates that scale. NASA award 4/21 validates the yield story. 2028 optionality, 2026 receipts.

Portraits feed back into the system.

Each SVG is parametric. Feed it a different ticker and it redraws against the right layer. The drawer header pulls these. The Substack OG image pulls these. The Map slab pulls these.

See on the Map → Open the book →