POST-SOFTWARE CYCLE INVESTMENT RESEARCH

Capital built on physical constraints

Zhan Capital researches and invests at the intersection of sovereign AI infrastructure, energy systems, and digital monetary networks. We go long on the physical-world limits that software cannot abstract away.

Three structural forces shaping the post-software cycle

01

Energy Systems

AI compute demand is a power problem first. We model hashprice dynamics, nuclear baseload economics, and grid constraint as primary investment inputs, not macro overlays.

02

Rare Earth Supply Chains

Sovereign manufacturing capacity depends on critical mineral access. We map extraction, refining, and processing choke points across jurisdictions to identify durable structural advantages.

03

Geopolitics of Compute

Nations are building sovereign AI infrastructure as a strategic asset class. We track state-level capital allocation, export controls, and data center siting as leading indicators of long-term positioning.

We publish our research and build around it

Conviction comes from primary analysis, not consensus, and we put capital behind our conclusions.

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