On one side, you have strong positioning in AI infrastructureā€”servers, GPU systems, and data center buildout.

On the other, when you start looking at debt levels and coverage, the balance sheet tells a more nuanced story.

This feels less like a clean trend and more like a second-cycle assetā€”
where momentum is still present, but the structure underneath is starting to get tested.

And thatā€™s where things get dangerous.

Because second cycles donā€™t move slowlyā€”
They tend to be shorter, sharper, and far more violent.

Not necessarily a short conviction.
but definitely a chart where positioning matters more than narrative.