The analyst's portfolio, heavily weighted in AI chokepoints like memory, photonics, robotics, and upstream semiconductors, experienced a -49.4% drawdown this month. They acknowledge market skepticism regarding AI as a bubble and the viability of humanoids, but maintain a long-term conviction in structural revenue growth and technological shifts. The analyst cites specific revenue projections for AAOI and the potential $91 billion TAM expansion for CPO, driven by NVIDIA, as yet to materialize.
Market volatility is testing investor conviction in AI infrastructure plays, with some long-term theses not yet reflected in current earnings or valuations.