On one side, you have strong positioning in AI infrastructure—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 asset—
where momentum is still present, but the structure underneath is starting to get tested.
And that’s where things get dangerous.
Because second cycles don’t move slowly—
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.