Pivot Point Capital
Trimmed 15% of $U @ $47, +31% from entry
Exited $U @ $45.2
Been cutting a lot of risk lately — want to be safe than sorry
Been cutting a lot of risk lately — want to be safe than sorry
Pivot Point Capital
$BABA @ $160 in pre-market Who would have thought that discouraging speculative pump-and-dumps in the market could redirect flows into a scarce and reasonably valued asset that is *also* riding a generational tailwind, pushing it to multi-year highs?
$BABA @ $174.75 in pre-market, +42% from our initial entry @ $122
We re-ran $VRT’s rally with $002837.SZ, hopefully we also get to re-run MAG7’s rally with BABA1
We re-ran $VRT’s rally with $002837.SZ, hopefully we also get to re-run MAG7’s rally with BABA1
Pivot Point Capital
The semi-passive portfolio has outperformed significantly over the past month (+20.6%, S&P +2%, NDX +2.8%), excluding the impact of leverage. China AI theme was a huge contributor to returns, alongside Adtech/AI SW theme. Changing things up a little as some…
The semi-passive long-only portfolio continues its outperformance over the past month (+15.1% vs SPY 3.1% and NDX 4.9%).
Compounding all of the returns generated over the past year since we introduced the semi-passive portfolio, the net unlevered return stands at 94.3% (vs SPY 9.4% and NDX 14.4%). Overall, I'm pleased with the performance.
An area of improvement however could be having our high-conviction basket contribute more to the overall portfolio return, vs our mid-conviction and moonshot baskets. Though this may also just be a matter of timing as high-conviction trades can be afforded a longer duration to play out.
Making many changes in the portfolio this time, with removals highlighted in red and additions highlighted in green. Going for a very concentrated theme here (AI Infrastructure), so it may not suit everyone. But it's what I would play — you can decide your % allocation yourself.
Compounding all of the returns generated over the past year since we introduced the semi-passive portfolio, the net unlevered return stands at 94.3% (vs SPY 9.4% and NDX 14.4%). Overall, I'm pleased with the performance.
An area of improvement however could be having our high-conviction basket contribute more to the overall portfolio return, vs our mid-conviction and moonshot baskets. Though this may also just be a matter of timing as high-conviction trades can be afforded a longer duration to play out.
Making many changes in the portfolio this time, with removals highlighted in red and additions highlighted in green. Going for a very concentrated theme here (AI Infrastructure), so it may not suit everyone. But it's what I would play — you can decide your % allocation yourself.
🔥8
Pivot Point Capital
GG. $INTC +32% to $33 in pre-market, breaking out of its year-long $18-$25 range. What’s a billy$ to NVDA? Now what’s a billy$ to AAPL? To AMD? To Broadcom? To Qualcomm? Nothing. What’s a billy$ vote of confidence to $INTC..? Everything. The flywheel has…
What’s a billion $ to $AAPL? 🤷♀️
NVDA down, AAPL seemingly next. The Pandora’s box is open, and the dominoes are falling. Let’s throw TSLA into the hat too.
https://www.bloomberg.com/news/articles/2025-09-24/intel-is-seeking-an-investment-from-apple-as-part-of-its-comeback-bid
NVDA down, AAPL seemingly next. The Pandora’s box is open, and the dominoes are falling. Let’s throw TSLA into the hat too.
https://www.bloomberg.com/news/articles/2025-09-24/intel-is-seeking-an-investment-from-apple-as-part-of-its-comeback-bid
❤2
There’s also rumours of $INTC increasing their low-NA and high-NA EUV unit orders by 2 and 1 respectively from $ASML. High-NA EUV is used for 14A..
Intel has previously mentioned that they would not build 14A without first securing a customer..
A customer for 14A being announced would probably send the stock +20%-30%. It’s another Pandora’s box right..? One customer “daring” to break away from TSMC and switch would then incentivise another one to switch, and so on. My money’s on AAPL being the first.
Hopefully LBT brings it home.
Intel has previously mentioned that they would not build 14A without first securing a customer..
A customer for 14A being announced would probably send the stock +20%-30%. It’s another Pandora’s box right..? One customer “daring” to break away from TSMC and switch would then incentivise another one to switch, and so on. My money’s on AAPL being the first.
Hopefully LBT brings it home.
❤2🔥2
Pivot Point Capital
Added $CAVA short @ $67.69
Added $CAVA short @ $62.9-$63
Pivot Point Capital
What’s a billion $ to $AAPL? 🤷♀️ NVDA down, AAPL seemingly next. The Pandora’s box is open, and the dominoes are falling. Let’s throw TSLA into the hat too. https://www.bloomberg.com/news/articles/2025-09-24/intel-is-seeking-an-investment-from-apple-as…
$INTC jumped 9% on the rumour of Intel’s outreach to TSMC, carrying the portfolio despite yesterday’s market-wide volatility.
What’s a billion dollars to TSMC? I could actually see them being interested. It would be valuable political capital, and also a strategic hedge in case customers shift their business to Intel down the line.
LBT is really trying to create an $ASML situation here (search above for the lore). I think it’s smart, because one of the biggest challenges Intel Foundry (IFS) faces is that fabless customers don’t trust Intel with their chip designs—since Intel is still an IDM with its own competing design arm (Intel Products). As a result, IFS struggles to attract external customers. It’s a tough problem to overcome, almost a chicken-and-egg scenario: if customers don’t trust you first, how can you prove their designs are safe with you?
That’s where a consortium of major customers, each taking an equity stake in Intel, could change the dynamic. With ownership truly aligned, it would strengthen IFS’s independence and give customers greater benefit of the doubt.
I also think it is very likely that there will be a spinoff of IFS eventually, mainly also to address this problem.
What’s a billion dollars to TSMC? I could actually see them being interested. It would be valuable political capital, and also a strategic hedge in case customers shift their business to Intel down the line.
LBT is really trying to create an $ASML situation here (search above for the lore). I think it’s smart, because one of the biggest challenges Intel Foundry (IFS) faces is that fabless customers don’t trust Intel with their chip designs—since Intel is still an IDM with its own competing design arm (Intel Products). As a result, IFS struggles to attract external customers. It’s a tough problem to overcome, almost a chicken-and-egg scenario: if customers don’t trust you first, how can you prove their designs are safe with you?
That’s where a consortium of major customers, each taking an equity stake in Intel, could change the dynamic. With ownership truly aligned, it would strengthen IFS’s independence and give customers greater benefit of the doubt.
I also think it is very likely that there will be a spinoff of IFS eventually, mainly also to address this problem.
❤4
Pivot Point Capital
$INTC jumped 9% on the rumour of Intel’s outreach to TSMC, carrying the portfolio despite yesterday’s market-wide volatility. What’s a billion dollars to TSMC? I could actually see them being interested. It would be valuable political capital, and also…
News of tariffs on pharma products also just came through yesterday. If DT and his minions are truly sincere about helping $INTC regain its footing (and getting that 5x ROI), I think we’ll probably see some form of tariffs on advanced chips too, soon.
Pivot Point Capital
News of tariffs on pharma products also just came through yesterday. If DT and his minions are truly sincere about helping $INTC regain its footing (and getting that 5x ROI), I think we’ll probably see some form of tariffs on advanced chips too, soon.
Just in. Right on dot.
$INTC
$INTC
❤7🔥1
Another tidbit from Altman’s blog
“right now, other countries are building things like chips fabs and new energy production much faster than we are, and we want to help turn that tide. Over the next couple of months, we’ll be talking about some of our plans and the partners we are working with to make this a reality.”
https://blog.samaltman.com/abundant-intelligence
$INTC
“right now, other countries are building things like chips fabs and new energy production much faster than we are, and we want to help turn that tide. Over the next couple of months, we’ll be talking about some of our plans and the partners we are working with to make this a reality.”
https://blog.samaltman.com/abundant-intelligence
$INTC
Sam Altman
Abundant Intelligence
Growth in the use of AI services has been astonishing; we expect it to be even more astonishing going forward. As AI gets smarter, access to AI will be a fundamental driver of the economy, and...
❤1
Pivot Point Capital
https://www.wsj.com/economy/trade/trump-chip-tariffs-exemptions-90fa2ab3?mod=mhp
“…increase onshore chips production from 2% to 40% by 2030”
$TSM is restricted by Taiwan’s legislature from off-shoring leading-edge node IP, as it is their only leverage against China’s hostility.
Added more $INTC @ $34.66 on Friday.
https://x.com/commercegov/status/1972081949612429689?s=46
$TSM is restricted by Taiwan’s legislature from off-shoring leading-edge node IP, as it is their only leverage against China’s hostility.
Added more $INTC @ $34.66 on Friday.
https://x.com/commercegov/status/1972081949612429689?s=46
❤1
Rumors suggest that $INTC will reveal several key updates during ITT 2025 on September 29:
- Panther Lake
- IFS 18A/14A update
Panther Lake is particularly significant for the following reasons:
1) It is the first “true” Intel product manufactured internally with IFS on the 18A, which is Intel’s first fully EUV + backside power delivery node.
2) The chip’s performance will serve as a direct indicator of the health of 18A, and by extension, the feasibility of 14A and IFS’s comeback.
3) Since 18A is a long node, it will serve as Intel’s foundation to remain competitive for several years, as opposed to Intel’s previous strategy of rapid ramp-ups and ramp-downs of new nodes.
The key spec to watch in Panther Lake is its maximum turbo clock frequency. While expectations are not especially high, anything above 5.5 GHz (which is hard to imagine) would be very encouraging for Intel’s 18A and would serve as a proof point of IFS’s comeback.
- Panther Lake
- IFS 18A/14A update
Panther Lake is particularly significant for the following reasons:
1) It is the first “true” Intel product manufactured internally with IFS on the 18A, which is Intel’s first fully EUV + backside power delivery node.
2) The chip’s performance will serve as a direct indicator of the health of 18A, and by extension, the feasibility of 14A and IFS’s comeback.
3) Since 18A is a long node, it will serve as Intel’s foundation to remain competitive for several years, as opposed to Intel’s previous strategy of rapid ramp-ups and ramp-downs of new nodes.
The key spec to watch in Panther Lake is its maximum turbo clock frequency. While expectations are not especially high, anything above 5.5 GHz (which is hard to imagine) would be very encouraging for Intel’s 18A and would serve as a proof point of IFS’s comeback.
❤3
Added $600089.SEHK (Tbea) and $600869.SEHK (Far East Smarter Energy) longs at $16.15 and $8.17 RMB respectively to gain exposure to China’s power grid expansion
Not many other ways to play it; power companies are SOC, and other levered plays are only listed on STAR which is limited to institutions, lol
Not many other ways to play it; power companies are SOC, and other levered plays are only listed on STAR which is limited to institutions, lol