Lonis Hamaili: Launching an AI Supply Chain Hedge Fund

Cambrian Capital bets AI supply-chain hardware (memory, silicon wafers) is mispriced far more cheaply than AI software despite greater durability.

• Fund launch and positioning: Cambrian Management launched in September with ~$70M seed capital, run by Lonis Hamaili and co-founder Kuram, concentrated in 12-15 positions, about two-thirds equity and one-third long-dated options, no margin leverage.
• Valuation gap thesis: AI supply-chain oligopolies (wafer reclaim, silicon wafers, memory) trade at 1-5x sales/5-15x earnings versus 15-50x sales for AI software names, despite having more durable, scarce physical moats.

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