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March was a very turbulent month in the markets, with the weight of the war driving up bond yields and markets falling sharply.
We also saw some very clear moves at both the factor and sub-sector levels, likely also influenced by hedge funds’ decline in wholesale positions. In the fund, we used some of this shift to increase positions in equities where we see strong fundamentals and attractive risk/reward, while being aware that Iran creates a much broader range of outcomes – particularly more downside – for the macro environment.
In terms of stock and technology-specific news feeds, we saw strong performance from Broadcom and Micron (both held in the portfolio) – both significant winners from the ongoing rollout of AI infrastructure. Elsewhere, we had good data points related to AI demand and token generation, and we believe agent-based AI has driven a significant increase here. On the CPU side, we continued to see reports of price increases, where we believe a large portion of the increase in demand is being driven by AI agents. As we have noted previously, agents use significantly more CPU compute power than humans (both because they perform tasks faster and are working all the time). This particularly benefits AMD in the portfolio.
In early March, we got new run rate numbers from both Anthropic and OpenAI. First, Bloomberg reported that Anthropic is now at a revenue run rate of $19 billion. That’s a pretty staggering number and a pretty staggering increase (and again, it shows the rapid growth of agents). They reported $14 billion in mid-February, which is $5 billion in a matter of weeks – especially considering how early we are in the adoption of Claude Code among knowledge workers. OpenAI is also reportedly at $25 billion in annual revenue (up from ~$20 billion reported in late 2025). Much like Anthropic, we believe much of this has been driven by enterprise usage – including Codex.
At the end of the month, OpenAI completed its $122 billion funding round (we believe it’s the largest private funding round in history), valuing the company at $852 billion ahead of a potential IPO by the end of the year. Of particular interest were the operational metrics released alongside the announcement – particularly around token demand – their API is now processing over 15 billion tokens per minute (up from 6 billion in October – a 2.5x increase in 6 months); users of Codex (its specific coding agent) have increased fivefold in the past 3 months, with usage growing by 70% month-on-month. More broadly, the accelerating token consumption reflects trends we’re seeing across the industry.