Vail Resorts INC

• WC Warden Capital Warden 2025 year end letter ↗ Warden Capital made Vail Resorts its largest position, arguing that irreplaceable ski assets and the Epic Pass outweigh snowfall variability. It also added Alexandria and uniQure, while maintaining a short in Palantir and warning that AI capital spending and OpenAI’s growth expectations are unsustainable. 2025 ARE $7.9BMTN $5.5BNVS $303B +2
• NC Nightview Capital Q1 2026 Investor Letter ↗ Nightview Fund exited casino, hospitality, China and several legacy technology positions, then rotated into enterprise software and selected infrastructure businesses. The fund argues that AI strengthens deeply embedded platforms such as Axon, ServiceNow, Shopify and Autodesk, while retaining Tesla and NVIDIA as core AI and robotics holdings. Q1 2026 ADSK $54BAXON $26BNOW $107B +3

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