Fabian, first (ever) of his name. Senior network hardware analyst at @FundaAI. Not investment advice. Not any advice. My own views.
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Joined May 2009
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Happy to share that I am joining @FundaAI.
For more than a year, the team has been publishing rigorous, differentiated research on photonics, memory, software, and the rest of the AI infrastructure stack. I have spoken to them several times over the past few months and have been impressed by the depth of their expertise, their culture, and their determination to build a respected and trusted research firm. On top of that, they are building an ambitious AI powered research OS that I think will change how the buy side consumes fundamental work.
I will continue running my own newsletter on Substack alongside the FundaAI role, and the two should complement each other well.
A note on prior content: any posts, tweets, or newsletter pieces published before my start date at FundaAI reflect my personal views at the time of writing and were produced entirely independently of FundaAI. They do not represent the views of FundaAI, were not reviewed or endorsed by FundaAI, and should not be interpreted as the firm's research, recommendations, or investment advice. Any positive or negative commentary on specific companies, securities, or individuals in that prior content predates my affiliation with FundaAI.
Going forward, all tweets and posts on my newsletter represent my personal views only and do not constitute investment advice or the views of FundaAI. There will be some restrictions on what I can comment on. FundaAI takes its regulatory obligations seriously and expects the same from its team.
It has been an incredible six months on Substack, life changing to say the least, and I am looking forward to the next leg of this journey.
So many people on X are inferring terrible takes regarding Ken Griffin's interview at the Citadel Securities conference from earlier today. It's quite spectacular. "Hey, let me just run with a snippet of what he said and ignore the full video/context.."
Fabian فابيان retweeted
What’s funny about these foreigners is that, they just don’t get it. The lebanese lived experience is null. I don’t yearn for France, I don’t defend France, but what I do know is that, my parents survived 15 years of war, and in 1991, once they had kids, they realized there was no future in Lebanon, so they immigrated to Canada and the only reason my mom was able to quickly re-establish her career was because she spoke French and was accepted in an accelerated education program in Quebec. Returning to work so quickly after moving to a new country as a new mom meant I had a better life. I have a better life because of “bonjour/boujoureine” so a foreigner in Lebanon refusing to engage with Lebanese based on how they speak is shameful
Fabian فابيان retweeted
Rather than reporting that investors are "almost certainly" in an AI bubble, I think the fairer interpretation of Ken Griffin's comment is that there are parts of the AI trade that are in bubble valuation territory ("there's almost certainly bubbles within this moment in time.")
He then goes on to say that looking back at the dot com boom, some internet companies had pretty fanciful business models but he wishes he kept his Amazon stock. I.e. investors are being more discerning now and some companies will come out of this big winners.
Citadel founder and CEO Ken Griffin says investors are “almost certainly” in the midst of an AI bubble during an interview with Bloomberg's Dani Burger at Citadel's annual Future of Global Markets Conference in New York youtu.be/mV1V0FXixDE
Fabian فابيان retweeted
This was by no means Ken confirming that we are in an AI bubble. I was in that meeting and this snippet does not do his statement justice. As with any revolutionary technological breakthrough, some companies involved in the current AI buildout might not make it while others will succeed. I invite you to listen to the full interview if it's available on the Bloomberg platform and to hear what he said before engaging in fearmongering from this short snippet.
Citadel founder and CEO Ken Griffin says investors are “almost certainly” in the midst of an AI bubble during an interview with Bloomberg's Dani Burger at Citadel's annual Future of Global Markets Conference in New York youtu.be/mV1V0FXixDE
This was by no means Ken confirming that we are in an AI bubble. I was in that meeting and this snippet does not do his statement justice. As with any revolutionary technological breakthrough, some companies involved in the current AI buildout might not make it while others will succeed. I invite you to listen to the full interview if it's available on the Bloomberg platform and to hear what he said before engaging in fearmongering from this short snippet.
Citadel founder and CEO Ken Griffin says investors are “almost certainly” in the midst of an AI bubble during an interview with Bloomberg's Dani Burger at Citadel's annual Future of Global Markets Conference in New York youtu.be/mV1V0FXixDE
Fabian فابيان retweeted
Micro-VCSELs vs micro-LEDs
This was a hot topic at OCP 2026
@austinsemis and I sat down on @semidoped right after the show to discuss the future of short reach optics
(even if it means I'm in a garage, because some things are too important to delay 😅)
Enjoy the show! Lots of visuals in there, so make sure you watch on YouTube or right here on X!
🎙️ NEW EPISODE: MicroVCSELs vs MicroLEDs, a MicroExplainer
Austin and Vik host an explainer on the two competing microemitter technologies for AI interconnects, microLEDs and microVCSELs. They break down Credo's surprising pivot at OCP from its microLED acquisition to a microVCSEL product, and the physics that give microVCSELs better speed and reach.
- The new battleground is the 5-50 meter "reach gap," too long for copper limited to ~7 meters and too short for expensive, supply-constrained InP optics
- MicroLEDs are limited to ~3-5 Gbps over 5 meters because their broad light spectrum causes chromatic dispersion that smears the signal
- Hitting 1 Tbps with microLEDs takes ~300 slow lanes, and coupling hundreds of fibers adds a lot of manufacturing complexity
- MicroVCSELs can hit 50 Gbps+ over 50 meters. Stimulated emission gives a narrow beam with less dispersion, for 10x the speed and reach
- MicroVCSELs use a mature Gallium Arsenide (GaAs) process on 8-inch wafers, shared with cell phones, for a cost and scale advantage over InP
- MicroLEDs' niche is heat. Gallium Nitride (GaN) is highly temperature-insensitive, a candidate for short-reach optics inside a hot server tray
This episode is presented by @CrusoeAI. Crusoe's Serverless Fine-Tuning trains an open model like Llama, DeepSeek, or GLM on your own data, and you pay per million tokens, not per GPU hour. About $2 buys roughly 5M training tokens on smaller models. Get $5 in credit to start: semidoped.com/crusoe-x
Chapters:
0:00 The Credo Pivot
3:49 The Talk of OCP
8:13 The 5-50 Meter Reach Gap
12:52 How MicroLEDs Work
21:10 MicroLEDs' Parallelism Problem
22:55 How MicroVCSELs Work
26:57 MicroVCSEL Performance Specs
31:51 The Physics of VCSELs
33:35 The Market Chooses MicroVCSELs
35:45 MicroLEDs' Niche: Heat
38:16 Teasing Future Interviews
Mentioned in this episode:
- PicoJool’s Al Yuen: The Case for GaAs VCSELs in Scale-Up Interconnects (Semi Doped episode): daily.semidoped.com/p/picojo…
- A MicroLED Field Trip to Avicena (Vik's Newsletter, paid): viksnewsletter.com/p/a-micro…
- MicroLEDs vs. Lasers: The Linewidth Tradeoff (Vik's Newsletter, free): viksnewsletter.com/p/microle…
- Understanding Energy Bands in Semiconductors (Vik's Newsletter, free): viksnewsletter.com/p/energy-…
Get more of Austin and Vik daily, free!
Sign up: daily.semidoped.com/
Connect with Vik and Austin:
Vik's Paid Substack: viksnewsletter.com
Austin's Paid Substack: chipstrat.com
@austinsemis @vikramskr
David Cameron chiming in on a question related to Man City sanctions and having the UAE as a partner. Great answer, like a true politician 👏🏻
Fabian فابيان retweeted
The market essentially not moving after WSJ leaked quite a bit of info from Anthropic S-1 is probably a good sign.
Either numbers good enough or everyone too exhausted to care lol.
Support a company that makes your business expenses easy but also knows ball. Tony Hawk was close to Jesus to me growing up. Still sucked as a skater @tryramp @eglyman @karimatiyeh
Mario Draghi just made a very good point at the Citadel Securities conference. Europe has plenty of capital, but it ends up exporting both money and talent because it fails to help businesses grow. Whether it’s a startup or an established company, excessive regulation stifles growth and prevents them from reaching their full potential, ultimately pushing talent and investment elsewhere.
NO DRUCKING WAY
Taking the stage at @TomorrowXSummit: Stan Druckenmiller (@standuquesne), Chief Executive Officer of Duquesne Family Office, and Iliana Bouzali (@ilianabouzali), Global Head of Derivatives at Morgan Stanley (@MorganStanley) $MS.
November 17-18 at the Moody Center in Austin. Hosted with @GavinSBaker and @atreidesmgmt, @antoniogracias and Valor Equity Partners, @rbiscardi and @iconnections_io.
Registration link below.
Fabian فابيان retweeted
Funda's power and liquid cooling takeaways from OCP draws on learnings from the show floor and 95 sessions, 22 of which we attended in person.
I thought the point about Vera Rubin’s bottleneck shifting toward full-rack testing and the data hall was interesting.
fundaai.substack.com/p/resea…
Fabian فابيان retweeted
The Trump administration is allowing sanctioned oil tankers to undergo a process to start legitimately shipping crude, US Energy Secretary Chris Wright said.
Investors are proposing to buy idled sanctioned tankers, refurbish them and use them to transport non-sanctioned oil, Wright said Monday at a Citadel Securities event in New York bloom.bg/4zFbxsC
