Q1 2026 Performance Update: Roughing It in the AI Age

This post originally appeared in Interconnected.

“From my research into the guardrails thesis, plus other data points gathered on the fast pace of agent adoption at large especially in software engineering, it is clear that we are kind of winging it and roughing it head first into the AI age.”

Welcome to Interconnected Capital’s Q1 2026 performance update letter.

To new and old readers alike, a friendly reminder: I run a global technology long-only fund focused on investing in both the hardware and software “picks and shovels” of the interconnected global digital AI economy. I draw on my technology business operator’s experience and geopolitical antennas to bring an edge to how I assess a tech company’s rhythm and prospects in a constantly changing world. [1]

As always, first the numbers, then the reflections.

[1] My past experiences include: senior leadership position at GitHub (the world’s largest developer and open source technology platform, now owned by Microsoft), a unicorn database startup, early stage VC, and the White House and Department of Commerce during the Obama administration. I studied law and computer science at Stanford; international relations at Brown.

[2] Includes January 1 - March 31, 2026, gross returns. Unaudited.

[3] Includes January 1 - December 31, 2025, gross returns. Audit in progress.

Portfolio positions in random order (as of March 31, 2026):

• CIENA CORP

• NEBIUS GROUP NV

• APPLIED MATERIALS INC

• OUSTER INC

• WERIDE INC ADR

• ARM HOLDINGS PLC-ADR

• INTEL CORP

So What Happened in Q1?