01
Find the bottleneck.
Where is AI running into a real-world shortage? Power, chips, cooling, memory, data centers, or fiber.
AI Infrastructure Opportunity
Why This Moment02
The biggest AI opportunity isn't the apps. It's the infrastructure required for AI's growth.
In the late 1990s, the internet was exciting, but most people still could not really use it yet.
Before it became part of everyday life, the world had to build the physical layer behind it: fiber optic cable, cell towers, server farms, routers, switches, and broadband.
The biggest winners were not always the websites people talked about. A lot of the money was made in the companies building the picks and shovels.
We believe AI is at the same stage today.
Most people are focused on ChatGPT, Claude, Gemini, and which AI app will win. We are focused on what all of those tools need in order to work at scale: power, chips, memory, cooling, data centers, fiber, land, and buildings.
The opportunity is the infrastructure required to power AI's growth.
The Opportunity03
AI cannot scale without physical infrastructure. That is where we are investing.
Amazon, Microsoft, Google, Meta, and Oracle are spending hundreds of billions to build the infrastructure AI needs to run.
>$700B
projected 2026 spending by the largest tech companies
More than the annual GDP of Switzerland.
POWER
COMPUTE
CHIPS
MEMORY
“The United States is short power, short compute, short chips, and memory.”
Larry Fink, CEO, BlackRock
That is the thesis in one sentence.
Sources: S&P Global Ratings, Feb. 2026; Q1 2026 company guidance.
Why Now04
The money is locked in. The buildout is happening right now.
Sources: company filings/calls; Microsoft, Meta Q1 2026; S&P/Platformonomics public capex compilation.
How We Invest05
We are not trying to guess which AI app wins. We are investing in what all of them need.
02
Find the companies solving it.
We look for public companies tied to that shortage before the broader market fully prices it in.
03
Invest, track, and adjust.
We follow the data, monitor the thesis, and move capital when the opportunity changes.
We are looking for the companies that AI physically cannot scale without.
Where We Invest06
Every layer has a set of companies building it out. That's where we invest.
What We Are Watching07
These are some of the public companies it's taking to build the AI infrastructure layer: memory, power, cooling, chips, and fiber.
Year-to-date returns as of May 2026.
MU
+161.7%
Memory chips needed inside AI data centers.
BE
+200.4%
On-site power generation as grid capacity becomes a bottleneck.
VRT
+109.8%
Cooling and power systems for data centers.
INTC
+238.5%
U.S.-based chip manufacturing.
AMD
+112.5%
AI chips and compute infrastructure.
GLW
+113.5%
Fiber and glass needed for data center connectivity.
YTD returns from Polygon, May 9, 2026. These are examples, not recommendations. The market is already rewarding companies
tied to the physical AI buildout.
Fund Details08
Fund Details
Minimum Investment
$100,000
Fee
3/30 (3% management / 30% performance above high watermark)
Liquidity
30-day written notice to redeem
Fund Structure
Subject to PPM and LP documents
Why Worth Capital09
Worth Capital is focused on the physical buildout behind AI.
AI
INFRASTRUCTURE
chips / power / cooling / fiber / data centers
Most investors are still focused on the software story: which AI model wins, whether ChatGPT beats Claude, and which app gets the most users.
We are focused on a different question:
What companies are needed for AI to actually scale?
AI cannot grow without more power, more chips, more memory, more data centers, more cooling, more fiber, and more infrastructure.
That is the layer Worth Capital is focused on.
Worth Capital Intelligence
Our proprietary research system tracks the AI infrastructure market daily, watches companies tied to the buildout, follows supply-chain shifts, and helps identify where capital is going as it gets built out.
If you want in on the AI infrastructure buildout, let's talk.
Ronny Hollingsworth
GP, Worth Capital
ronny@worthcap.us
Disclaimers11
Important Information
This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer would only be made pursuant to a formal offering memorandum or private placement memorandum.
Past performance is not indicative of future results. Investing involves risk, including possible loss of principal. Options trading involves additional risk and is not suitable for all investors.
Information in this presentation is based on sources believed to be reliable but is not guaranteed as to accuracy or completeness. Forward-looking statements are based on current expectations and are subject to change.
Worth Capital is not a registered investment adviser. This document does not provide personalized investment advice. Consult your own financial, legal, and tax advisors before making any investment decision.
Worth Capital - Confidential - May 2026