Preface

With the yen carry trade putting AI on life support for now, we’re examining an industry that has weathered multiple storms over the last few years and suffered due to the crowding in of capital into momentum sectors.

Against consensus, we believe this industry is putting in a durable trough after a plethora of false starts and is poised to resume benefitting from multiple secular tailwinds for years to come. We’re outlining this thesis briefly and will revisit in to be more in depth when the VIX goes back below 20…