Notable wins from I/O Fund Portfolio

The I/O Fund Performance & Strategic Highlights 

• Since inception, The I/O Fund has achieved a cumulative return of 326%, outperforming the S&P 500 by 192% and the Nasdaq-100 by 152%, while maintaining a 294% lead over a popular technology-focused ETF. 
• The cumulative return of 326% would rank us #1 if we were a hedge fund and #3 if we were a Tech ETF or mutual fund. 
• In 2025, The I/O Fund returned 37%, outperforming the S&P 500 by 21% and the Nasdaq-100 by 17%. This performance would have ranked us as the 8th best-performing hedge fund in the United States for 2025.
• In 2025, the team’s equity-only portfolio delivered a 56% return, the third highest recorded for any U.S. equity-only portfolio in 2025. 

Portfolio Execution & Positioning 

• 11 positions outperformed the Nasdaq-100 in 2025. 
• 27 total positions have outperformed the Nasdaq-100 on an annual basis since the AI bull market began in 2023. 
• Increased cash to 50% in January 2025, then issued 22 buy alerts between February and April — 9 of which occurred on the April 4th market low. 
• Allocated 45% to AI going into 2023 (prior to the launch of ChatGPT), representing one of the highest AI allocations on record. 
• Rotated early into cloud in 2019 and into AI in 2022 ahead of the 2023 acceleration. 

Notable Investment Wins 

Bloom Energy (2025) 

• Early to the AI Energy theme, identifying the bottleneck in 2024. 
• Built a large position between April and July 2025. 
• Finished the year up 305% with our core position. 
• Our lowest entry point returned 422% for the year. 

Astera Labs (2025) 

• Built a large position near the 2025 lows. 
• Delivered a 140% return for the year. 
• A passive buy-and-hold strategy would have returned only 26%. 

Nvidia (2018 – 2025) 

• First identified Nvidia’s AI GPU and CUDA moat thesis in November 2018, leading to our early entry to the stock at $3.15 in December 2018. We later accurately predicted in 2021 that Nvidia would surpass Apple’s valuation. 
• Published over 25 analyses on Nvidia’s AI thesis before the broader market recognized the opportunity in 2023. 
• Issued 9 trade alerts under $20 between 2021–2022, including one at $10.85 on the October 2022 low. 
• In 2025, sold half the position with an average cost basis of $130.88, then repurchased 30% lower with an average cost basis of $91. 

Bitcoin (2019 – 2025) 

• Published our three-part series of analyses in 2019 on Bitcoin leading to our early entry at $7,717 in January 2020. We also accurately predicted the top in Bitcoin in June 2021 and the bottom in December 2022 based on momentum, on-chain data, and BTC supply.  
• After accurately predicting the start of a new Bitcoin bull market in late 2022, we issued 13 buy alerts between $25,000–$60,000. 
• Sold nearly the entire position between April–December 2025 at $85,000–$113,000, sidestepping a market top and locking in significant realized gains. 

AMD (2020-2025) 

• We identified AMD’s comeback at $38 after accurately predicting that the company will take x86 server share gains over Intel in March 2020. AMD only had 5.1% market share in Q1 2020 vs Intel’s 94.9% compared to AMD’s market share of 28.8% vs Intel’s share of 71.2% at the end of Q4 2025. 
• AMD stock returned 411% compared to Intel’s (26%) return since our analysis was published in March 2020 through December 2025. 

Super Micro (2024) 

• Generated combined realized returns of 243% while actively managing risk to avoid subsequent volatility. 

CrowdStrike (2023-2024)  

• We opened CrowdStrike in early 2023 and began taking gains in early 2024. We ended up closing the entire position for a realized gain of 87%, just before the vertical drop took CrowdStrike down 41% from our final closing price. 

Netflix (2022 – 2024) 

• Bought Netflix for the very reason the market sold it in 2022 – moving into CTV Ads.  
• Realized a 164% gain over a 2-year period.  

Alt Coin (2020–2021) 

• Built a position at an average cost basis of $4.60. 
• Sold nearly the entire position in early 2021 at an average price of $40.05. 
• Realized gain: 771%.  

Sector & Asset Selection Track Record 

• Identified semiconductors and blockchain as leading sectors in 2021. 
• Selected the two top-performing cloud stocks in 2021 (DDOG and ASAN). 
• Identified Zoom Video in September 2019 ahead of its meteoric rise during the pandemic. 
• Identified Ethereum (ETH) as the best-performing large-cap asset in 2021. 
• Selected Roku as the best-performing tech stock in 2019.