#142 - Todd Ahlsten: AI, Moats, and Quality

Parnassus splits its book 45/55 between direct AI infrastructure and "second-order" AI beneficiaries to hedge circular-financing and GPU-depreciation risk.

• Concentration from conviction: Parnassus runs a concentrated ~$41B book built on high bars for industry structure, moat, and relevancy — not concentration for its own sake.
• 45/55 AI split: Parnassus holds roughly 45% in direct AI infrastructure (semis, hyperscalers) and 55% in "second and third order" winners — life sciences tools, precision agriculture, payments, industrial automation.

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