Investor Letters
Fred Alger Management, LLC
- Booked, But Not Built Yet AI infrastructure demand is examined through the cloud-service backlog of Amazon, Alphabet and Microsoft, which has expanded faster than their capital spending. Alger argues that contracted demand supports a durable, demand-driven investment cycle for semiconductors, networking, power, cooling and cloud-infrastructure software. Q3 2026 AMZN $2.8TGOOGL $4.2TMSFT $3.8T
- Alger On The Money: Power Hungry AI data-center power delivery is emerging as a constraint as increasingly dense GPU racks require far more electricity than traditional server infrastructure. Nvidia’s planned shift to 800-volt rack designs could increase demand for semiconductor and electrical-equipment suppliers that convert, distribute, store and manage power. Q3 2026 NVD $6.4T
- Fred Alger Management, LLC Q3 2026 Letter — Rebuilding American Industry with Physical AI Q3 2026 —
