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Kevin S. Xu

@kevinsxu
Investing @ Interconnected Capital; Writing @interconnect_ed; ex. GitHub, Obama White House/Commerce Dept; no one's quant
www
interconnect.substack.com
Joined March 2009
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    Kevin S. Xu
    @kevinsxu
    Jul 20
    Fund performance update H1 2026: 158.35% (gross, as of end of June 2026) 2025: 74.1% (net, audit complete) 2023-2025 annualized compound return: 98.66% (net) I will publish the non-LP version of my quarterly letter via my substack later this week for those interested.
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    Kevin S. Xu
    @kevinsxu
    Feb 10
    2025: 94.81% (gross and unaudited, audit in progress) 2023: 170.13% (net) 2024: 66.71% (net) Will update average annual return once 2025 audit is complete 30% return per annum for 30 years goal in tact. 27 more years to go. 2025 annual letter in next post
  • user avatar
    Kevin S. Xu
    @kevinsxu
    2h
    Nebius is built, financed, managed, and productized like a hyperscaler The rest of the neocloud cohort are built, financed and managed like data center OEMs Both have the right to existent of course. But they are very different companies.
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    Kevin S. Xu
    @kevinsxu
    Aug 22
    Shared some thoughts with NYT on the broader implication of the Unitree IPO. (@gdp1985 had some good takes in the same piece too) Attracting frontier tech companies like Unitree to list in Shanghai, as opposed to New York or London, is a crucial step in boosting the domestic
  • user avatar
    Kevin S. Xu
    @kevinsxu
    Aug 22
    Being "soft on AI" now has the same political potency as being "soft on China" Irony is super rich here because: 1) "Beat China" is perhaps the cleanest argument that Silicon Valley tech can come up with to build data centers unfettered, yet has almost no resonance in local
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    jasmine sun
    @jasminewsun
    Aug 21
    we're going to see a growing gap in the politics/policy of data centers e.g. Shapiro has to use combative rhetoric to meet the moment — but he's not doing a moratorium or banning subsidies. his standards are comparatively chill it's a sign that it's politically toxic to seem