01Company Note
Amazon’s Next Act
The quiet convergence of logistics, compute, and ambient intelligence.
Aug 06, 202611 min READ
ATLAS
Opportunity Rankings
Where we would deploy long-term capital today.
| Rank | Opportunity | Thesis | Expected CAGR | Thesis Trend | Status |
|---|---|---|---|---|---|
| 01 | AmazonAMZN | AWS, AI infrastructure, advertising, and retail margin expansion create multiple compounding earnings engines. | 18–22% | ↗Rising | Buy |
| 02 | BitcoinBTC | Fixed supply and growing institutional adoption support its emergence as a global digital monetary asset. | 20–30% | —Stable | Buy |
| 03 | MicronMU | AI memory demand could structurally improve industry economics, pricing power, and long-term earnings. | 18–25% | ↗Rising | Buy |
| 04 | SpaceXSPCX | Starlink and falling launch costs are creating a vertically integrated global space infrastructure platform. | 20–25% | ↗Rising | Buy |
| 05 | MetaMETA | AI-enhanced engagement and advertising efficiency can compound cash flows while optionality remains underappreciated. | 17–22% | ↗Rising | Buy |
| 06 | Rocket LabRKLB | The larger opportunity may be full-stack space infrastructure rather than launch alone. | 20–30% | ↗Rising | Buy on Weakness |
| 07 | NVIDIANVDA | AI compute leadership remains exceptional, but elevated expectations reduce the asymmetry of today’s entry. | 15–20% | ↗Rising | Buy on Weakness |
| 08 | AlphabetGOOGL | Search economics, cloud scale, and AI distribution provide durable cash flows with underappreciated optionality. | 15–19% | —Stable | Buy |
| 09 | TSMCTSM | Process leadership makes TSMC the critical manufacturing layer for advanced computing and AI demand. | 13–17% | —Stable | Buy on Weakness |
| 10 | PalantirPLTR | A differentiated AI software platform is scaling rapidly, though current valuation discounts substantial success. | 8–15% | ↗Rising | Watch |
Rank is relative to the investable opportunity set.
Expected CAGR is a mock base-case underwriting range, not a verified forecast.
View full scoring framework ↗Recent Thesis Changes
Research
02Field Note
AI Infrastructure Is Becoming an Energy Story
Why the next constraint on intelligence may be measured in gigawatts.
Jul 24, 20268 min READ
03Deep Dive
Rocket Lab Beyond Launch
A vertically integrated space company hiding inside a launch narrative.
Jul 11, 202614 min READ