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2026 First Half Review

Dear Friends and Colleagues, This half, our thesis crystallized into a single organizing idea — Throughput Technologies — and our portfolio delivered real, verifiable milestones that validate it. The headline venture numbers are extraordinary but misleading: capital is concentrating at the frontier model layer, which is precisely why we believe disciplined early-stage investing in the coordination layer above it has never been better positioned. We are also watching two dynamics most...