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Soumya Eswaran
Tue, June 2, 2026 astatine 8:48 AM CDT 4 min read
Jackson Peak Capital, an concern absorption firm, released its first-quarter 2026 capitalist letter. Jackson Peak Capital employs a concentrated long/short equity attack to present beardown implicit returns crossed assorted marketplace conditions. A transcript of the missive is disposable to download here. In Q1 2026, Jackson Peak returned -21.0%, net, successful a challenging environment. The underperformance successful Q1 was driven by an summation successful tech exposure, adverse movements successful definite positions, and the deficiency of expected catalysts. The ACWI returned -2.2%, and the HFRX Equity Hedge Index returned -1.5% during the aforesaid time. The steadfast expects a beardown Q2 commencement arsenic AI acceleration and easing geopolitical tensions favour positions. At Q1’s end, nett vulnerability was 36%, up from 25% from Q4's end, with assurance successful AI infrastructure, energy, compute, information halfway buildout, and event-driven positions. In addition, delight cheque the fund’s apical 5 holdings to cognize its champion picks successful 2026.
In its first-quarter 2026 capitalist letter, Jackson Peak Capital highlighted stocks similar Core Scientific, Inc. (NASDAQ:CORZ). Core Scientific, Inc. (NASDAQ:CORZ) is simply a starring US-based infrastructure supplier for high-density colocation services and integer plus mining. On June 1, 2026, Core Scientific, Inc. (NASDAQ:CORZ) closed astatine $28.55 per share. One-month instrumentality of Core Scientific, Inc. (NASDAQ:CORZ) was 28.66%, and its shares gained 141.95% implicit the past 52 weeks. Core Scientific, Inc. (NASDAQ:CORZ) has a marketplace capitalization of $9.08 billion.
Jackson Peak Capital stated the pursuing regarding Core Scientific, Inc. (NASDAQ:CORZ) successful its Q1 2026 capitalist letter:
"A presumption worthy highlighting this 4th is Core Scientific, Inc. (NASDAQ:CORZ). We re-engaged with CORZ during Q1 aft exiting successful Q4, arsenic the banal retraced to charismatic levels conscionable arsenic we were looking to adhd to the AI infrastructure taxable connected the developments above. Specifically, CORZ is simply a beneficiary of the compute shortage arsenic it has invaluable information halfway co-location capacity, which is structurally abbreviated of proviso heading into the remainder of 2026 arsenic the starring AI labs and hyperscalers each look for powerfulness and shovel-ready sites.
CORZ is 1 of the fewer nationalist companies with shovel-ready capableness astatine scale. It is simply a high-performance computing (HPC) colocation supplier that pivoted from crypto mining to AI infrastructure, and the instauration of the concern contiguous is its ~590 MW declaration with CoreWeave nether 12-year hosting agreements, representing implicit $10 cardinal successful full contracted revenue. Beyond the CoreWeave contract, CORZ has astir 1.5 GW of full leasable powerfulness successful the pipeline. Management has stated that they are successful progressive dialog with aggregate parties and that colocation leasing agreements are expected successful the adjacent future.
Management is incentivized to diversify distant from the azygous CoreWeave declaration aft the CoreWeave acquisition fell apart, and the introduction valuation successful Q1 was not pricing successful immoderate further contracts. The catalyst way is 1 oregon much caller colocation customers announced implicit the remainder of 2026, each of which should thrust a re-rating arsenic gross grows and attraction hazard declines. The superior risks are execution, the gait of caller lawsuit signings, and the broader AI spending cycle."
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