Tuuri Capital

Public holdings · Updated November 2026

What we own, and why.

Tuuri Capital holds a concentrated portfolio of public equities built around a single thesis. Positions are sized to be held for years.

The thesis

AI needs more than chips.

AI is built in layers: energy, chips, infrastructure, models, and applications. Most of the attention goes to the chips. We own the layers on either side of the chips, the power that runs them and the data centers that house them: a neocloud (CoreWeave), a developer of AI-focused data centers and energy assets (Keel Infrastructure), and operators converting their bitcoin mining power and sites into AI and high-performance computing hosting (Applied Digital, TeraWulf, Cipher Digital). Demand for that capacity is outrunning supply, and we expect the market to value these companies as the infrastructure they are becoming.

What would change our mind: the largest cloud buyers (Microsoft, Alphabet, Amazon, Meta) guiding data center spending flat or down, CoreWeave's contracted backlog shrinking, or the hosting operators going several quarters without signing new capacity. We track each of these in the companies' own filings, not in the share price.

Positions

  • APLDApplied DigitalHPC data center developerDevelops and operates high-performance computing data centers.
  • CRWVCoreWeaveNeocloudCloud infrastructure purpose-built for AI and other high-performance workloads.
  • WULFTeraWulfPower and sites, converting to AI hostingOwns and operates clean-powered bitcoin mining and HPC facilities in the United States.
  • KEELKeel InfrastructureAI data centers and powerBuilds AI-focused data centers and the energy assets behind them.
  • CIFRCipher DigitalPower and sites, converting to AI hostingOperates bitcoin mining sites in the United States.

How the positions are managed

These are long-term holdings. Each position is judged against the company's filings and contracts, not its share price, and we act when the thesis changes.

Holdings are shown for information only and may change at any time. Nothing on this page is investment advice, an offer to sell, or a solicitation to buy any security. Tuuri Capital does not manage money for others.