Investing in the physical layer beneath every technology thesis.

Every line of code eventually runs on a transistor. Every technology wave — 5G, electric vehicles, artificial intelligence — is built on semiconductors, communications infrastructure, and hardware. Analog Century Management was founded in 2018 to invest exclusively in this space — a domain of physics, supply chains, and capital cycles that has underpinned every major technology shift and will underpin the next.

Hard technology is now the largest segment of the equity market by capitalization. Each cycle reshapes the supply chain, reprices winners and losers, and creates the kind of dispersion that rewards deep, specialized research. Because we follow the supply chain end to end, nearly every company we study sharpens our read on the next — it is that compounding specialist mosaic, not any single trend, that we believe gives us a repeatable edge.