Joe Kaiser

Joe Kaiser is the founder and CEO/managing partner of Switchyard Partners, an investment firm focused on energy transition, re-electrification, and infrastructure for AI-era data centers. He was previously a senior investment advisor at Mercato Partners and held capital markets and investment roles at Vivint Solar, Blackstone, Erie Management Group, and A.G. Edwards.

Scarce Infrastructure Is Driving Valuations for Nvidia, SpaceX, and AI Labs

DA Davidson’s Gil Luria and Switchyard Partners’ Joe Kaiser argue that Nvidia’s latest earnings reinforce a broader market bet on companies controlling scarce AI and space infrastructure. Luria says Jensen Huang used the quarter to show Nvidia’s competitors still lack meaningful traction, while Kaiser says the company’s moat lies as much in TSMC advanced packaging capacity and networking scale as in chips. They extend the same framework to SpaceX, OpenAI and Anthropic: valuations depend on whether these companies can secure the physical capacity needed to turn demand into revenue.

Bloomberg TechnologyMay 22, 20268 min read