($) Q1 2025: Trust the Process, Trust the Temperament

Welcome to the Q1 2025 quarterly update letter of Interconnected Capital.

To new and old readers alike, a friendly reminder: I run a global technology long-only fund focused on investing in both the hardware and software “picks and shovels” of the interconnected global digital AI economy. I draw on my technology business operator's experience and geopolitical antennas to bring an edge to how I assess a tech company’s rhythm and prospects in a constantly changing world [1]. During this eventful Q1, I added another cohort of new investors to the fund, with whom I’m excited to partner with for years to come.

Now on to the numbers.

[1] My past experiences include: senior leadership position at GitHub (the world’s largest developer and open source technology platform, now owned by Microsoft), a unicorn database startup, early stage VC, and the White House and Department of Commerce during the Obama administration. I studied law and computer science at Stanford; international relations at Brown.

[2] Between January 1 - March 31, 2025. Unaudited.

Portfolio positions listed in random order (as of March 31, 2025):