Physical layer
Power, data centers, networking and thermal systems
Investment thesis
Intelligence is becoming infrastructure.
DP / THESIS
We see artificial intelligence evolving from a software category into a new operating layer for the global economy. Asia is central to that transition.
Our view
Value will accrue across the stack—to the companies that expand compute, remove physical bottlenecks, compound proprietary capability and place intelligence inside everyday systems.
The AI stack
Follow the dependency chain.
Each layer creates demand, constraints and pricing power for the next. Our research begins with those relationships.
Compute layer
Silicon, memory, packaging and production equipment
Model layer
Foundation models, data systems and developer infrastructure
Application layer
Enterprise software, autonomy and industry-specific intelligence
Why Asia
The region where digital intelligence meets industrial depth.
Engineering density
Deep technical talent across silicon, software, electronics and advanced manufacturing.
Scaled demand
Large digital markets and industrial systems that can accelerate adoption and iteration.
Physical capability
Critical positions in the supply chains, energy systems and production networks required by AI.
Regional signals
North Asia
Compute leadershipSemiconductors · Components · Robotics
Greater China
Scaled applicationModels · Platforms · Intelligent manufacturing
Southeast Asia
Infrastructure build-outData centers · Energy · Digital services
India
Software velocityAI services · Enterprise software · Developer ecosystems
Investor relations