Skynet Picks and Shovels

$SKYNETPS I’m rebalancing Skynet Picks and Shovels to put more weight behind commercial traction, cash generation, and the price I’m paying for future growth. The thesis remains the same. AI is moving into the physical world, and I want exposure to the companies supplying the compute, sensors, robotics, autonomy, safety software, and infrastructure that make that possible. New positions TSM, 3%: Adding Taiwan Semiconductor for the manufacturing layer behind advanced chips. I like the opportunity to benefit as more companies develop specialized processors for AI and intelligent machines. UBER, 3%: Adding Uber for the commercial side of autonomous transportation. Its existing business provides a cash-generating foundation while it builds relationships and infrastructure to help bring autonomous vehicles to customers. Exits MBLY: Closing Mobileye and reallocating the position. I still see potential in the business, but I prefer the balance of opportunities elsewhere in the portfolio. IPWR: Closing Ideal Power. I want more evidence of production adoption and repeat revenue before committing capital again. JOBY: Closing Joby. I’m reducing exposure to businesses that still face substantial certification, manufacturing, and funding requirements. Trims TER, AUR, AVAV, IOT, OUST, and AMBA: Reducing these positions to manage concentration and help fund the changes. I continue to see meaningful upside in each. Aurora’s latest update strengthens the commercial case, while scaling and profitability remain important milestones. Adds TRMB and ZBRA: Increasing exposure to positioning, operating data, and automation workflows. I like their combination of commercial adoption and valuation. APH and TEL: Adding to the connectors, sensors, and electrical infrastructure used across physical systems. ISRG: Increasing the surgical robotics allocation through Intuitive. I want more weight behind its established procedure-driven business while retaining a smaller PRCT position. BB: Increasing to 3% after stronger QNX results and a higher full-year revenue outlook. Safety-critical embedded software remains an important part of the thesis. I’m also modestly increasing SYM and AXON and making smaller adjustments across the remaining holdings. The updated portfolio has 20 holdings. The goal is long-term outperformance through a balance of growth potential, commercial execution, and disciplined position sizing. This remains an aggressive, volatile strategy, and results will take time to evaluate.