Group 1 - Upslope Capital Management reported a strong performance in Q4 2025, with a net return of +2.0%, outperforming the S&P Midcap 400 ETF and HFRX Equity Hedge Index, which returned +1.6% [1] - For the full year 2025, the Fund achieved a return of +14.8%, significantly higher than the +7.2% and +10.1% returns of the respective indexes [1] - The firm noted that the current market environment is dynamic, with investment decisions increasingly driven by aggressive, thematic, and short-term strategies [1] Group 2 - Upslope Capital highlighted Booz Allen Hamilton Holding Corporation (NYSE:BAH) as a key stock, which provides management and technology consulting services primarily to government and corporate clients [2] - As of January 16, 2026, Booz Allen's stock closed at $97.40, with a one-month return of 12.61%, although it has lost 28.41% over the past 52 weeks [2] - Booz Allen Hamilton's market capitalization stands at $12.004 billion [2] Group 3 - Booz Allen Hamilton derives approximately 50% of its revenue from defense, 15% from intelligence, and 35% from civil agencies, focusing on technology solutions such as digital transformation and cyber defense [3] - Following the 2024 election, Booz Allen's shares experienced a significant de-rating from nearly 30x EPS to a low of 14x, attributed to concerns over cost-cutting measures [3]

Core Insights - The AGIX index aims to capture the beta and alphas of the AGI era, which is expected to be a significant technological paradigm shift over the next 20 years, similar to the impact of the internet [2] - The "AGIX PM Notes" serves as a record of thoughts on the AGI process, inspired by legendary investors like Warren Buffett and Ray Dalio, to witness and participate in this unprecedented technological revolution [2] Market Performance - AGIX has shown a weekly performance of 3.11%, a year-to-date return of 31.66%, and a return of 92.48% since 2024 [5] - In comparison, the S&P 500, QQQ, and Dow Jones had lower weekly performances of 0.74%, 1.30%, and 0.94% respectively [5] Sector Performance - The semiconductor and hardware sectors had a weekly performance of 0.66%, while infrastructure and application sectors performed at 1.19% and 1.26% respectively [6] Living Software Concept - Software is evolving into "Living Software," which continuously learns and self-optimizes, requiring a scalable environment to capture user signals and convert them into rewards for training tasks [10] - The transition to "Living Software" emphasizes the importance of high-quality environments over algorithms, as real-world feedback is crucial for AI model training [11] Business Implications - Companies that can integrate AI into their core business processes will have a competitive edge, as they can create high-quality training environments for AI systems [12] - The shift in training paradigms indicates that businesses will increasingly rely on their proprietary data and experience for AI model training, making data resources a core competitive advantage [15] Future of Enterprises - The future enterprise model may resemble a "reinforcement learning environment machine," where human roles shift to coaching and feedback provision for AI systems [16] - Companies that adopt the "Living Software" philosophy and leverage real environments for AI training will lead the next wave of business transformation [16] Investment Trends - Hedge funds are increasingly focusing on semiconductor sectors outside the U.S., with notable buying activity in Asian markets, particularly in AI-related stocks [18] - The overall hedge fund leverage has increased to 57%, the highest since early 2022, indicating a bullish sentiment in the market [17] Major Corporate Developments - Nvidia's investment of $5 billion in Intel to develop AI infrastructure and personal computing products has significantly boosted Intel's stock price [19] - OpenAI plans to spend approximately $100 billion over the next five years on cloud server rentals, indicating a substantial investment in AI capabilities [20] - Google announced a £5 billion investment in the UK, including a new data center to support its growing AI services [21] - Oracle is negotiating a $20 billion cloud computing agreement with Meta, enhancing its position in the AI market [22]