Start with the revenue connection
This note considers a hypothetical thematic portfolio. Identify the customer, product, and contract unit before tracing compute, networking, power, and critical components upstream. The map separates direct beneficiaries from indirect exposure and mere label overlap.
Keep capacity apart from utilisation
New infrastructure does not create matching revenue on day one. Construction, power access, yield, software readiness, and onboarding can constrain utilisation. Show built, available, and contracted capacity separately.
Review financing and supply-chain constraints
Capital intensity introduces rates, deposits, delivery schedules, and supplier concentration. A sound demand view can still arrive later than expected if funding or construction stalls.
- Critical equipment and alternative suppliers.
- Power connection and build schedule.
- Customer term and cancellation rights.
- Source of capital expenditure and refinancing needs.
Return overlapping dependencies to the portfolio
Several assets may depend on the same chip, cloud customer, or spending cycle. Combine those links at portfolio level instead of letting different company names conceal concentration.