Competitive Landscape Map
Who competes with whom, inside + around the portfolio. The master index of competitive relationships; pairwise deep-dives are linked. Companion: Knowledge Graph.
Intra-Portfolio Competition (holdings vs holdings)#
The fund deliberately owns some competitors, to own a theme regardless of the winner:
| Pair | Battleground | Note | |, -|, -|, -| | Microsoft ⚔ Amazon ⚔ Alphabet | Cloud (Azure / AWS / GCP) | All three held, own "cloud" not one cloud | | Microsoft ⚔ Alphabet | Productivity, search/AI | Competitor Software Platforms vs Microsoft | | Meta Platforms ⚔ Alphabet | Digital advertising duopoly | Competitor Meta vs Alphabet (Advertising) | | Adyen ⚔ PayPal | Payments processing | Competitor Adyen vs PayPal | | ServiceNow ⚔ Salesforce | Workflow/CRM edges | Competitor, ServiceNow vs Salesforce | | CrowdStrike ⚔ Zscaler | Mostly complementary (endpoint vs network) | Both vs Microsoft | | Constellation Energy ⚔ Vistra | Datacentre power deals | "Competing partners" in AI power | | Snowflake ⚔ Microsoft/Amazon/Alphabet | Data cloud vs Fabric/Redshift/BigQuery | Competitor, Snowflake vs Hyperscaler Data |
The recurring antagonist is Microsoft: it competes with CrowdStrike (Defender), Zscaler (Entra/GSA), Snowflake (Fabric), Salesforce (Dynamics), Alphabet (search/cloud), even Datadog (Azure Monitor). The fund owns Microsoft and its best-of-breed challengers, a bet that both the platform + the specialists win in a growing market. → Competitor Software Platforms vs Microsoft.
Holdings vs Non-Held Rivals#
| Holding | Key external rival(s) | Battleground | |, -|, -|, -| | NVIDIA | AMD; hyperscaler custom ASICs (Google TPU, AWS Trainium) | AI accelerators → Competitor NVIDIA vs Custom Silicon | | TSMC | Samsung Foundry, Intel Foundry | Leading-edge foundry | | Micron Technology | SK Hynix, Samsung | DRAM/HBM | | Marvell Technology | Broadcom | Custom AI silicon + optics | | Disco Corporation | Accretech/Tokyo Seimitsu | Dicing/grinding | | Amazon | Walmart, Temu, Shein; MercadoLibre (LatAm) | E-commerce → Competitor, Amazon vs MercadoLibre | | Meta Platforms | TikTok/ByteDance; Tencent (diff. geo) | Engagement → Competitor, Meta vs Tencent | | Netflix | Disney+, Prime Video (Amazon), YouTube (Alphabet) | Streaming → Competitor, Streaming & Attention | | Adyen/PayPal | Stripe, Fiserv, Apple Pay, Shop Pay | Payments → Competitor Adyen vs PayPal vs Stripe, Competitor, PayPal vs Apple Pay | | Tencent | ByteDance, Alibaba | China internet | | MercadoLibre | Amazon, Shopee/Sea, Nubank | LatAm e-commerce/fintech | | Li Ning | Anta, Nike, Adidas | China sportswear → Anta | | BYD | Tesla, Chinese EV makers, legacy OEMs | EV → Competitor, BYD vs Tesla | | CrowdStrike/Zscaler | Palo Alto, SentinelOne, Microsoft | Security | | Snowflake | Databricks + hyperscalers | Data | | ServiceNow/Salesforce | Microsoft, Workday, Atlassian, HubSpot | Enterprise software | | Roblox | Epic/Fortnite, Minecraft (Microsoft) | UGC engagement | | BioNTech | Moderna, big-pharma oncology | mRNA/oncology | | IQVIA | ICON, Labcorp/Fortrea, Thermo/PPD | Healthcare data/CRO |
The "Own The Theme, Not The Name" Doctrine#
Where the winner is uncertain, the fund owns multiple competitors in one theme:
- Cloud: all three hyperscalers.
- AI advertising: Meta + Alphabet.
- Payments: Adyen (premium) + PayPal (value).
- AI compute: NVIDIA (merchant) + Marvell (custom-silicon hedge).
- AI power: Constellation + Vistra.
- Security: CrowdStrike (endpoint) + Zscaler (network).
This guarantees theme exposure while diversifying single-name execution risk.
Linked Notes#
- Pairwise: Competitor Software Platforms vs Microsoft · Competitor NVIDIA vs Custom Silicon · Competitor Meta vs Alphabet (Advertising) · Competitor Adyen vs PayPal · Competitor, ServiceNow vs Salesforce · Competitor, Amazon vs MercadoLibre · Competitor, BYD vs Tesla · Competitor, Meta vs Tencent · Anta · Competitor, Snowflake vs Hyperscaler Data · Competitor, Streaming & Attention
- Knowledge Graph · AI Ecosystem Map · Portfolio Construction Overview