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The Pulse™ | Week 26: Capital picks the layer
Five signals from the fog. Coverage window: June 15 to 19, 2026.
Jun 23
•
PVentures Consulting
1
The Concentration Beneath the Substrate
Advanced packaging, ABF substrate, and HBM are the physical chokepoint under every AI chip, and a second source is years out
Jun 17
•
PVentures Consulting
7
1
The Pulse™ | Week 25: Owning the layer
Five signals from the fog. Coverage window: Jun 8 to 12, 2026.
Jun 16
•
PVentures Consulting
2
The Custom Silicon Ceiling
Broadcom’s Record Quarter Contains Three Structural Warnings Markets Haven’t Priced
Jun 11
•
PVentures Consulting
7
1
The Pulse™ | Week 24: The AI stack goes institutional
Five signals from the fog. Coverage window: Mon Jun 2 to Jun 6, 2026.
Jun 9
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PVentures Consulting
1
Who Negotiates at the Substrate Layer?
The talent and engineering capacity gap behind the substrate decisions that lock 2026 capital.
Jun 3
•
PVentures Consulting
5
2
The Pulse™ | Week 23: Capacity meets the build queue
Five signals from the fog. Coverage window: Mon May 25 to May 29, 2026.
Jun 2
•
PVentures Consulting
1
2
May 2026
The Physical AI Reference Stack
Why three commercial humanoid contracts in 2026 decide factory compute through 2030.
May 28
•
PVentures Consulting
9
1
The Pulse™ | Week 22: Capacity gets an address
Five signals from the fog. Coverage window: Mon May 18 to May 22, 2026.
May 26
•
PVentures Consulting
1
1
The Hidden Lock-In Beneath Inference and Physical AI.
Substrate selection in 2026 locks five-to-twelve years of capital. Armando Pereira maps the board governance question across inference and physical AI.
May 20
•
PVentures Consulting
4
2
The Pulse™ | Week 21: The Inference Fork
Inference splits into two. Anthropic locks 5 GW with Google; five EU carriers federate the edge; EnCharge ships analog in-memory; Waymo scales and…
May 19
•
PVentures Consulting
2
1
The Inference ASIC Fork
Custom ASICs deliver 40-60% lower inference cost than GPUs. Armando Pereira maps the Inference Stack Exposure Matrix and three 18-month scenarios. The…
May 14
•
PVentures Consulting
3
1
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