- September Monthly Report Fawkes Capital Fund has shifted to a deflationary AI-bust forecast, arguing that data-centre construction, more efficient chips and inference models will create a severe compute glut. It expects falling GPU rental rates and strained debt financing to curb construction, favouring bonds and equity shorts if AI adoption cannot absorb the new capacity. September 2026 —
One letter so far. We collect each new one as Fawkes Capital Management publishes it.
