Sometimes the market overreacts. Sometimes it doesn’t believe what a company says, sometimes it’s right not to, although the past three years showed us that it has a tendency to underestimate more than the contrary.
So sometimes, the market is just being stupid. And when it is, it hands us one of the best companies in the world at a discount. We’ve seen it, and bought it, with Meta, Amazon, Arista, Tenable and many other names in the portfolio this year, pushing returns to 182% since inception in March 2025 and 98.7% YTD, transparently.
And it is happening again, with one of the biggest AI names in the market.
A company growing its AI revenue over 200%, guiding for triple digit growth, sitting on more demand than it can ship with visibility running not for the next quarter, but years. A stock the market sold double digits because of a guidance that missed for less than a percentage point.
That’s not a fundamental problem. It’s a market problem. And market problems are where the best risk/reward is born.
Below, I break down this company, what it does, why the demand is real and how to know it’s not just management talking, what the numbers could look like, why the market isn’t buying the story just yet, what worries it, and exactly how I’d play the setup the market just handed us.
