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Kai Wu
@ckaiwu
⚡ Founder, Sparkline Capital | ✨ $ITAN + $DTAN ETFs | 🔭 Intangible Value Investing Using AI + NLP | Email List: tinyurl.com/sparklinecapit…
NYC
sparklinecapital.com
Joined June 2019
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    Kai Wu
    @ckaiwu
    Oct 23, 2025
    👷Surviving the AI Capex Boom👷 Big Tech's AI buildout is transforming markets but history suggests caution. What should investors do? 🤖 AI Investment Boom 🚂 Echoes of Past Booms 📉 Rising Capex Firms Underperform 🏭 Magnificent 7: The New Utility? 🔎 Finding AI Early Adopters
    688K
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    Kai Wu
    @ckaiwu
    May 15, 2025
    The CFA Institute just published a huge 144-page report on the failures of accounting for intangible assets. "Intangible assets are fundamental to the modern economy but largely omitted from financial statements." Here's a quick recap 🧵
    164K
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    Kai Wu
    @ckaiwu
    Jun 30, 2021
    June's research paper: Intangible Value ✨ Can value investing strategies be improved by adding intangible assets? 👾 The Asset-Light Economy 🔮 The Dark Matter of Finance 🏰 Intangible Moats 📉 The Disruption of Value 👨‍🎓 Fixing the "Value Factor" (Not investment advice) 🧵
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    Kai Wu
    @ckaiwu
    Apr 27, 2022
    New Paper: Investing in Innovation 🚀 What to do about bombed out "innovation stocks"? 🪦Death of Innovation 📜Two Centuries of Patents 🏭Investing in Innovation 🍱Innovation as an Asset Class 💬Avoiding Bubbles (not investment advice) 🧵
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    Kai Wu
    @ckaiwu
    Oct 23, 2025
    Replying to @ckaiwu
    7/ Full Paper 📚 Blog sparklinecapital.com/post/surviving… PDF blog.sparklinecapital.com/wp-content/upl…
    41K
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    Kai Wu
    @ckaiwu
    Aug 13, 2025
    Another excellent study by @mjmauboussin and Dan Callahan, who argue that the puzzling increase in corporate cash balances ($2.5 trillion in the US alone) can be explained by the rising intangible economy. Their key insight is that intangible assets have limited value as
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    Michael Mauboussin
    @mjmauboussin
    Aug 5, 2025
    How much cash should a company hold? See our latest: Cash Holdings: Data, Theory, and Alternatives @dcallz -We seek to discern the proper amount of cash a company should hold, a big issue in capital allocation. - Cash is at the same time a non-productive holding and a resource
    45K
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    Kai Wu
    @ckaiwu
    Oct 23, 2025
    Replying to @ckaiwu
    5/ Finding AI Early Adopters 🔎 While the railroads and telecoms failed, the resulting capacity glut subsidized their customers. Early adopters can benefit without having to make major capital outlays.
    Finding AI Early Adopters
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    Kai Wu
    @ckaiwu
    Feb 1, 2022
    New Paper: Value Investor's Guide to Web3 👾 Can value investing be used in crypto? ✨Intangible Value in Web3 📊Tracking Web3 in Data ⚖️Crypto Market Valuation 🪙Small-Cap Token Strategy 🗺️Web3 Market Map 🏭Crypto Stocks (not investment advice) 🧵
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    Kai Wu
    @ckaiwu
    Oct 23, 2025
    Replying to @ckaiwu
    4/ Magnificent 7: The New Utility? 🏭 The Magnificent 7 are turning away from the asset-light model that fueled their past success. Their capital-intensity is approaching that of the low-returning utility sector.
    Magnificent 7: The New Utility?
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    Kai Wu
    @ckaiwu
    Aug 25, 2021
    August's research paper: Measuring Culture 🧮 Can company culture be quantified? ✨The Ultimate Intangible 🥼Myers-Briggs for Companies 🔬Innovative Cultures 💪Strong Cultures 😃Employee Satisfaction 💀Toxic Cultures (Not investment advice) 🧵
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    Kai Wu
    @ckaiwu
    Apr 6, 2021
    New paper: Searching for Superstars 🌟 • Ability to attract talent is a moat 🏰 • Companies hiring talent from elite competitors and universities outperform 📈 • Company social networks / PageRank 🕸️ • March Madness-themed bonus section 🏀 (not investment advice) Thread 🧵
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    Kai Wu
    @ckaiwu
    Jan 21, 2022
    Had a great time chatting with my new best friends, @michaelbatnick and @Downtown!
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    The Compound
    @TheCompoundNews
    Jan 21, 2022
    Quantifying network effects, human capital, intellectual property and other non-traditional metrics that might be more important than book value - thanks @ckaiwu for coming by! Apple: podcasts.apple.com/us/podcast/int… Spotify: open.spotify.com/episode/7t9PzO… YouTube: podcasts.google.com/feed/aHR0cHM6L…
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    Kai Wu
    @ckaiwu
    Oct 23, 2025
    Replying to @ckaiwu
    1/ AI Investment Boom 🤖 Big Tech is embarking on an epic AI data center buildout, with capital expenditures of ~$400 billion this year and trillions more on the way.
    AI Investment Boom
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    Kai Wu
    @ckaiwu
    Oct 23, 2025
    Replying to @ckaiwu
    3/ Rising Capex Firms Underperform 📉 It's not just two examples. Evidence from thousands of stocks over multiple decades show that firms aggressively growing capex systematically underperform.
    Rising Capex Firms Underperform
    26K