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$OGPIVOT We’ve exited Astera Labs ($ALAB) and initiated a position in Oklo Inc. ($OKLO) to strengthen our long-term AI energy infrastructure exposure. The decision follows emerging competition risks for ALAB due to NVIDIA’s NVLink evolution, which threatens traditional PCIe interconnect architectures. Oklo, backed by Sam Altman, represents a next-generation modular nuclear energy company positioned to power the coming wave of AI data centers and automation systems. This shift rebalances Orthogonal Pivot toward AI-enabled energy innovation — a key structural pillar in the coming industrial cycle.

We’ve removed MercadoLibre (MELI) to streamline exposure and reinforce the portfolio’s focus on next-generation innovation. The proceeds were used to increase positions in POET Technologies (POET) and Innodata (INOD) — both central to the portfolio’s asymmetric AI and semiconductor strategy. This adjustment increases concentration in two of our highest-conviction names, aligning Orthogonal Pivot more closely with its core thesis: capturing non-consensus upside across AI infrastructure, data intelligence, and photonic computing.

We increased exposure to Innodata (INOD) and trimmed Mercado Libre (MELI). This adjustment sharpens $OGPIVOT’s focus on asymmetric AI-driven opportunities. INOD is emerging as a key data infrastructure and AI training partner, giving us higher convexity to the growth of generative AI ecosystems. While MELI remains a strong long-term Latin American e-commerce and fintech play, we’re modestly reducing its weight to reallocate capital into areas with more immediate upside potential. This keeps the portfolio balanced between high-growth AI moonshots and durable global compounders.

We rebalanced the portfolio by exiting LNG, OKLO, and AMSC. These positions were trimmed to simplify our energy/nuclear exposure and free capital for higher-conviction AI infrastructure plays. At the same time, we reduced allocations in PI to manage risk given competitive headwinds. With that capital, we initiated new positions in POET Technologies (POET) and Innodata (INOD). POET provides advanced photonic integration critical for AI/edge growth, while INOD strengthens our AI data, annotation, and model training exposure. Together, these additions reinforce Orthogonal Pivot’s asymmetric growth thesis across AI hardware, infrastructure, and software. This rebalance sharpens our focus on scalable moonshots, positioning $OGPIVOT to continue outperforming by capturing innovation-driven upside.

We rebalanced the Orthogonal Pivot Portfolio by decreasing exposure to Impinj (PI) from 10.8% to 9% and increasing exposure to TeraWulf (WULF) from 3.4% to 5.5%. This adjustment reflects two priorities: 1. Risk Management & Convexity: PI remains a high-conviction play on IoT and RFID adoption, but its recent surge pushed its weighting above our target band. Scaling it back to 9% reduces concentration risk while preserving upside exposure. 2. Crypto-Linked Growth & Clean Energy: WULF offers asymmetric growth potential as a vertically integrated Bitcoin miner powered by clean energy. With Bitcoin’s cyclical tailwinds and increasing institutional adoption, WULF complements our fintech/crypto cluster (HOOD, SOFI, CRCL) while adding diversification through energy infrastructure. By reallocating into WULF, we sharpen $OGPIVOT’s exposure to digital assets and energy transition themes, balancing our deep-tech moonshots (RGTI, AVAV, PI) with scalable high-beta plays tied to macro catalysts.

Reallocated LNG into a 3-way split: LNG (stability), OKLO (nuclear moonshot), and AMSC (grid/defense). This strengthens $OGPIVOT’s clean energy cluster with both defensive ballast and asymmetric growth.

We exited Sprouts Farmers Market (SFM) and added TeraWulf (WULF) to strengthen the asymmetric growth profile of $OGPIVOT. While SFM provided a defensive anchor, it did not align with the portfolio’s core mandate of capturing frontier innovation and convexity. In contrast, WULF is a Bitcoin miner fully integrated with clean energy, positioning it at the intersection of crypto adoption and the energy transition. • Crypto Leverage: Direct exposure to Bitcoin’s upside as institutional demand accelerates. • Clean Energy Edge: Unlike traditional miners, WULF scales operations using nuclear and hydro power, reducing costs and ESG friction. • Thematic Fit: Complements our fintech/crypto cluster (HOOD, SOFI, CRCL), reinforcing $OGPIVOT’s positioning as a growth-first portfolio with targeted high-convexity bets. • Asymmetry: Provides convex upside linked to both Bitcoin cycles and energy transition policy tailwinds. This rebalance ensures $OGPIVOT stays focused on next-horizon technologies and disruptive growth sectors, while continuing to balance AI, defense, fintech, and crypto.

We sold Tradeweb (TW) and added Astera Labs (ALAB) to the Orthogonal Pivot portfolio. While TW remains a strong compounder in institutional trading, its upside is capped relative to our growth thesis. Astera Labs (ALAB) is an AI infrastructure leader at the heart of the hyperscaler buildout. Its semiconductor solutions power high-speed connectivity, PCIe, and CXL memory expansion, which are critical bottlenecks for training and scaling AI models. As demand for GPU clusters and cloud AI accelerates, Astera captures a direct share of spend on the physical backbone of AI data centers. • Strategic Fit: Strengthens our AI + semiconductor cluster alongside Vertiv (VRT), Impinj (PI), and Palantir (PLTR). • Growth Profile: 187%+ appreciation over the last 6 months; revenue up 192M last quarter with expanding TAM. • Thematic Conviction: Provides asymmetric upside as hyperscaler adoption scales. This move tightens $OGPIVOT’s focus on infrastructure picks-and-shovels for the AI economy, ensuring we are positioned not just in applications but also in the enabling hardware that drives exponential compute growth.