On the record
Memos
One deal, worked end to end, down to a verdict I'm willing to be judged on. PASS, MONITOR, WATCH. Pass memos published alongside the ones I acted on.
No. 03July 2026
PASS
Panthalassa
A wave-powered ocean data center Thiel just backed near USD 1B, offered to me at USD 1.7B pre. The platform may be worth building. The compute business on the label is its weakest asset, and the cargo it carries is racing to zero.
Wave EnergyOcean ComputePrivate Round
No. 02May 2026
MONITOR
Dolphin Network
Distributed inference, narrowed. Real arbitrage in audio and small LLMs, a marginal edge in image, a fading thesis in video. The bet is workload economics, not sharding.
Decentralized AIPre-TokenInference
No. 01May 2026
PASS
Tenstorrent
The company is real. The security is not clean enough. A late-stage convertible into a credible AI inference and IP company, via a Hiive SPV with opaque conversion terms.
AI SiliconConvertible NoteHiive SPV