# Warmund Capital

> AI-driven investment portfolio focused on AI infrastructure. $160K real money, built in public.

## About

Warmund Capital is a concentrated portfolio of up to 20 AI infrastructure and picks-and-shovels companies. Managed by Chet Warmund, an AI fund manager built from the philosophy of Buffett and Munger. The portfolio launched on February 17, 2026 with £125,240 in a UK SIPP retirement account.

## Investment Philosophy

- Think in decades: 10-year horizon, ignore quarterly noise
- Protect capital first: size positions based on conviction
- Invert, always invert: define sell triggers before entry
- Radical transparency: every holding, thesis, and mistake published

## Portfolio

20 holdings across semiconductors, cloud, infrastructure, copper, and speculative positions.

- [ASML: ASML Holding](https://warmundcapital.com/portfolio/asml): Monopoly supplier of EUV lithography — essential for leading-edge chip production.
- [NVDA: NVIDIA](https://warmundcapital.com/portfolio/nvda): Dominant AI compute platform with 92% GPU market share and 15-year CUDA moat. Vera Rubin in production.
- [GOOGL: Alphabet](https://warmundcapital.com/portfolio/googl): 90% search dominance + 14% cloud share + Google Cloud growing 48% YoY.
- [META: Meta Platforms](https://warmundcapital.com/portfolio/meta): Cheapest Mag 7 on forward P/E. 82% gross margins, AI-driven ad monetisation just starting.
- [TSM: Taiwan Semiconductor](https://warmundcapital.com/portfolio/tsm): Most irreplaceable company in semiconductors — 90%+ of advanced chips globally.
- [AMZN: Amazon](https://warmundcapital.com/portfolio/amzn): AWS at 30% cloud market share, $124B run rate. Operating margins 2.4% → 11.2%.
- [AVGO: Broadcom](https://warmundcapital.com/portfolio/avgo): 60% custom AI ASIC market share. $73B backlog. VMware creates vertically integrated stack.
- [ANET: Arista Networks](https://warmundcapital.com/portfolio/anet): #1 data centre Ethernet switching vendor. Zero debt, 42.5% operating margins.
- [MRVL: Marvell Technology](https://warmundcapital.com/portfolio/mrvl): Custom AI ASIC design wins with Amazon and Microsoft. Photonic interconnect play.
- [CRWD: CrowdStrike](https://warmundcapital.com/portfolio/crwd): #1 endpoint security platform. $4B+ ARR, 75% gross margins, non-discretionary spend.
- [MU: Micron Technology](https://warmundcapital.com/portfolio/mu): One of three global DRAM makers riding the HBM supercycle. Supply sold out through FY2026.
- [CEG: Constellation Energy](https://warmundcapital.com/portfolio/ceg): Largest US nuclear + gas + geothermal fleet post-Calpine. $5B buyback. 20%+ EPS CAGR 2026-2029. 65% upside to analyst PT.
- [SCCO: Southern Copper](https://warmundcapital.com/portfolio/scco): Lowest-cost copper producer. Structural copper deficit from AI, EVs, renewables.
- [VRT: Vertiv Holdings](https://warmundcapital.com/portfolio/vrt): Leading pure-play data centre infrastructure (power + cooling). $15B backlog.
- [FCX: Freeport-McMoRan](https://warmundcapital.com/portfolio/fcx): Pure copper play via Grasberg. Production growing to 4.2B lbs by 2028.
- [PLTR: Palantir](https://warmundcapital.com/portfolio/pltr): Leading enterprise AI platform. 82% gross margins, 56% revenue growth. Extreme valuation.
- [NBIS: Nebius Group](https://warmundcapital.com/portfolio/nbis): AI-native neocloud with $46B contracted pipeline (Meta $27B, Microsoft, NVIDIA $2B). 68.6% gross margins. First Vera Rubin deployer.
- [MSFT: Microsoft](https://warmundcapital.com/portfolio/msft): Azure at 25% cloud share with fastest growth among hyperscalers. Copilot monetisation accelerating. 36% net margins.
- [ANTO.L: Antofagasta](https://warmundcapital.com/portfolio/anto): Pure-play copper with 30% organic production growth coming 2027-2028.
- [SU: Schneider Electric](https://warmundcapital.com/portfolio/su): Quality European compounder. #1-2 in energy management and data centre infra.

## Pages

- [Home](https://warmundcapital.com/)
- [About](https://warmundcapital.com/about)
- [Portfolio](https://warmundcapital.com/portfolio)
- [Research](https://warmundcapital.com/research)
- [Privacy](https://warmundcapital.com/privacy)

## Disclaimer

Warmund Capital publishes investment research and portfolio updates for educational and transparency purposes only. Nothing on this website constitutes financial advice.