Grant Lyons

Investing in category leaders @VenHedge

[TBPN @tbpn]

Here is the full letter Leopold sent to his LPs last night.

Rumors of his demise are greatly exaggerated.

[Grant Lyons @DispersionCap]

@elonmusk wow super dialed

[Grant Lyons @DispersionCap]

@yacineMTB Didn’t know such sounds existed

[Grant Lyons @DispersionCap]

@brian_armstrong True for private funds as well. 1) seems the more immediate path

[Grant Lyons @DispersionCap]

@SolSt1ne 7:30

[Grant Lyons @DispersionCap]

@Trader_Saan style gap

[Grant Lyons @DispersionCap]

@jonathan_mg27 Beautiful, and great progress. Images below are from 2025, July 17 (left) and Oct 28 (right)

[Patrick OShaughnessy @patrick_oshag]

Dan on why semis, cap equipment, and hyperscalers are the most attractive sector in the market, and why Nvidia is still cheap:

"The SOXX is up 40%. I don't think I've ever seen an event like that.

You can still buy Nvidia –– maybe the multiple's slightly higher right now –– at 15 times '27, 12 times '28 for the most dominant, very fast-growing company at its size.

I looked through our whole semis, cap equipment, and hyperscaler portfolio.

My instinct was we've gotta take profits here. But I looked at the valuations and the growth rates.

Unless you think the AI world is going to roll over in 2031 or 2032, it's the most attractive sector.

It's where the bulk of our capital is invested."

[Grant Lyons @DispersionCap]

@elonmusk Except gifts like @MichaelDell made to @InvestAmerica24

[Grant Lyons @DispersionCap]

@blknoiz06 Why does that parabola curl backwards

[Grant Lyons @DispersionCap]

@jukan05 Extremely unlikely https://t.co/X8aOmlVN3e

[KawzInvests @KawzInvests]

Leopold’s Q1 13F missed today’s 5:30 PM ET deadline. No filling as of now.

EDGAR froze at 5:31 PM. Anything filed between 5:30 and 10:00 PM tonight won’t appear publicly until Monday 6:00 AM ET.

Looks like we will find out Monday. I could be reading this wrong so don’t take my word for it. $LITE $SNDK $BE

[Grant Lyons @DispersionCap]

@stocktalkweekly Plus options 😉
Beautiful stuff for real
Only passion can produce this

[Grant Lyons @DispersionCap]

@alex_mirran @ZaphodB17 Franklin 🧬

[Grant Lyons @DispersionCap]

@MatthewBerman Keychron

[Grant Lyons @DispersionCap]

Key

[Apoorv Agrawal @apoorv03]

One of the most substantive classes with @ChaseLochmiller at Stanford. We went deep on economics of the datacenter:
- Where is the ~$650B of AI infra capex actually going this year?
- Who's capturing the margin, who's getting squeezed?
- How the bottleneck has moved from GPUs to power, and where it goes next
- The economics of neoclouds

[Grant Lyons @DispersionCap]

@brian_armstrong How much do you feel that these games helped shape your perspective as applied to real-world situations? I like many others spent ample time trading in-game economies (grand exchange, free market), and some intuition has undoubtedly transferred to real markets.

[Elon Musk @elonmusk]

Starship

[Grant Lyons @DispersionCap]

@pmarca The $9 million will get chewed through extremely quickly.

[Grant Lyons @DispersionCap]

@amitisinvesting @IncomeSharks Distribution play, take toll across iOS and MacOS, protect FCF

[Grant Lyons @DispersionCap]

@Jason https://t.co/TAuwbnxd0G

[Peter Steinberger 🦞 @steipete]

While I think what Anthropic does is sad for the ecosystem, I wanna give Boris credit for doing what he can to soften the fallout.

Today's release will include some fixes for better cache use, to lower cost for API users.