Fenestra examines Nvidia’s full-stack AI infrastructure position, software moat and valuation through its concentrated GARP approach, alongside the spending, margin and competitive risks that could change the investment thesis.
Micron Technology’s sharp pullback has unsettled the memory sector, but Fenestra believes it reflects sector rotation rather than a breakdown in the long-term AI memory thesis. William Meyer examines the order book, valuation and high-bandwidth memory opportunity behind Fenestra’s conviction.