Why Technology?
The current technology cycle is not driven by consumer preference. It is driven by the physical requirements of AI compute, data transmission, and semiconductor supply. Capital is being forced into infrastructure at a scale that creates non-discretionary demand for a small group of companies — the ones that own, control, or disproportionately benefit from the bottlenecks.
GZC’s Technology pool targets these companies exclusively. We enter only when conviction clears our full research and technical framework: the Bottleneck-to-Ticker process, applied to every position. We hold for the duration of the thesis — not the duration of a trade.
The pool currently covers compute silicon, data center interconnect, memory and storage, networking, semi cap equipment, and power management — all through the BTT lens of forced spend, limited substitutes, and multi-year procurement visibility.
Six structural themes. One framework.
Compute Silicon
GPU and custom accelerator manufacturers at the center of AI training and inference demand.
Data Center Interconnect
PCIe, optical retimer, and high-speed connectivity silicon — the chokepoint of AI cluster performance.
Memory & Storage
HBM and DRAM suppliers serving AI training and inference workloads with non-discretionary demand.
Networking
High-speed switching and routing infrastructure for AI data centers and cloud scale.
Semi Cap Equipment
Lithography, deposition, and etch equipment — the upstream manufacturing bottleneck for every chip.
Cybersecurity
Identity, endpoint, and network security infrastructure as AI attack surfaces expand.
Three reasons the Technology pool matters.
AI infrastructure buildout represents a multi-year, non-discretionary capital expenditure cycle — hyperscalers have committed to $150B+ in capex annually. Supply chains cannot respond fast enough, creating structural scarcity.
The Technology pool targets companies that own critical supply chain bottlenecks. Demand is forced — data centers cannot operate without GPUs, HBM, interconnects, or power management. Substitution risk is minimal.
BTT analysis identifies when pricing power, backlog visibility, and procurement dynamics align with technical entry discipline. We size positions by conviction — not by diversification quota.