David Fetherstonhaugh

Investments @vistasharesx;

Principal @ dvx;

Prev Mithril Capital

[BNN Bloomberg @BNNBloomberg]

SpaceX 'still pushing the frontiers of a lot of different technologies': Fetherstonhaugh https://t.co/QcLxvW19CN

[Zephyr @zephyr_z9]

Multiple manufacturers have hiked CCL, glass cloth & IC substrate prices in the last 30 days
https://t.co/SbnFlVfGTT

[Vikram Sekar @vikramskr]

The only thing “affected” by no CPO is the advanced packaging aspect.

Everything else is intact in NPO.

Hell, industry may go pluggables since power per rack is going up due to gpu anyway.

What’s a little bit more by going with good ol pluggables

At least we know they work

[Ben Bajarin @BenBajarin]

Every cycle 10x more compute.

[Shanu Mathew @ShanuMathew93]

Yes, Memory has grown to nearly two-thirds of AI chip component costs

[Vikram Sekar @vikramskr]

Cool power semi wall.

If I can “sample” a few lab test instruments off the exhibition floor, no better way to perform head to head comparisons for stonk purchase beta

[VistaShares @VistaSharesX]

For two years, AI was a chip story. It just became a power story.

US data center electricity demand goes from ~62 GW today to 134 GW by 2030. By then data centers draw close to 9% of all US power, up from 4%.

The race was never just silicon. It's the grid behind it.
What caps the AI buildout first: chips, or megawatts?

[Shanu Mathew @ShanuMathew93]

Tech crowd keeps leaning into this off grid is the only way thesis and I disagree with this notion. The exhibit A example of xAI colossus even overstates what’s actually happening at Colossus.

xAI did not build a permanently “off-grid” AI campus because the grid was unusable. Colossus already has 300 MW of TVA interconnect approved across two substations xAI funded, plus contractual obligations to curtail during periods of grid stress. That is a grid-tied architecture with supplemental on-site generation, not an islanded power system.

The turbines solved a time-to-power problem. They accelerated deployment while substations and transmission infrastructure were being built. That’s very different from “do this all off grid.”

And economically, most large-scale AI load will still want to be grid tied long term. I have made this point several times but running your own generation fleet at hyperscale is expensive and operationally complex: fuel logistics, maintenance, N+1 redundancy, permitting, emissions compliance, balancing load/supply continuously, multi-year equipment lead times, etc. You don’t just figure that out or want to do that overnight.

Amin Vahdat, chief technologist of Google AI straight up confirmed this on a podcast and they literally bought a hybrid/island power developer.

BTM generation absolutely matters. It’s becoming a critical bridge solution during a period where utility interconnect timelines are badly lagging demand growth. But I’d strongly push back on the idea that the steady-state future is fully off-grid hyperscale campuses. The industry is converging toward hybrid architectures: grid interconnect + captive generation + storage + demand response.

[VistaShares @VistaSharesX]

🔥Breaking News🔥

👀 @VistaSharesX AI Infrastructure ETF ($AIS) ranked in the top 1% of its Morningstar category for calendar year 2025 (AIS: U.S. Fund - Technology, 251 funds).

🚨 $AIS just hit $350 million in AUM - A major milestone and a clear signal that investors are looking beyond traditional AI exposure.

AIS has outperformed many traditional AI approaches since inception and over the past year. In its first 16 months, AIS has gathered $350 million in AUM while having a cumulative performance of +177.70% over the past year and +124.10% since its December 4, 2024 inception (Source: Bloomberg market price as of 4.24.26)

For standardized performance: AIS: https://t.co/kiQen2CrWV

This performance reflects an operator-led approach to investing. As co-founder @jonmcneill put it:

“For too long, thematic ETFs were designed by people analyzing industries on the outside looking in. We built VistaShares to connect Silicon Valley and Wall Street, working directly with operators and founders actually shaping the infrastructure behind AI, electrification and the ongoing industrial transformation. The power of those inputs cannot be overstated - they allow us to construct portfolios based on where capital is flowing and where these shifts are going, not where they have been.”

The same team behind AIS has also been responsible for the strong start by the VistaShares AI Power Infrastructure ETF (POW). $POW targets the companies behind today's surge in grid capex; the transformer, substation, and T&D suppliers actually earning those headline dollars. The U.S. power bottleneck isn't generation; it's transmission and distribution.

Read full press release: https://t.co/V2KBm83CpW