Effective 2026-09-07 · Version 0.9.1 · Under review by counsel
1. What this site is
pschafer.com publishes independent research on publicly traded companies in the physical supply chain of artificial-intelligence infrastructure. The research is produced by a rules-based system designed and operated by Peter Schafer, CFA. Everything on this site is published for informational and educational purposes, on an impersonal basis, to the general public, on a regular schedule.
2. This is not investment advice, and you are not a client
Nothing on this site is investment, legal, tax, or accounting advice, and nothing on this site is a recommendation that you, or anyone, buy, sell, hold, or take any other action in any security. The content is not tailored to any reader's financial situation, objectives, or risk tolerance. Reading this site, subscribing to any feed from it, or corresponding with its publisher does not create a client, advisory, or fiduciary relationship. The publisher owes no duty to any reader.
Nothing on this site is an offer to sell or a solicitation of an offer to buy any security, or an offer of advisory services, in any jurisdiction.
You are solely responsible for any investment decision you make. Before making one, do your own research and consult a licensed professional who knows your circumstances.
3. Registration status
The publisher is not registered as an investment adviser with the U.S. Securities and Exchange Commission or with any state securities regulator, and is not a broker-dealer. This site is published in reliance on the exclusion from the definition of investment adviser available to publishers of bona fide publications of general and regular circulation. If the publisher's status changes, this page will be updated before any other change to the site.
4. Conviction scores and the model book
Conviction scores are the numerical output of a documented process. A score is not a rating, a price target, a forecast of return, or a buy, sell, or hold instruction. It summarizes the system's assessment of a thesis against evidence available on the date shown, under the methodology published on this site. Scores change when the evidence changes, and the history of each score is preserved and visible.
The model book is a hypothetical portfolio. No money is invested in it. Its positions, entry prices, weights, and any figures derived from them are hypothetical. Hypothetical results have inherent limitations. They do not reflect actual trading, transaction costs, taxes, market impact, liquidity, or the difficulty of executing at the recorded prices, and no representation is made that any account has achieved or will achieve results similar to those shown. Entry prices are read from public sources on the entry date and may differ from prices available to any reader. Position weights are expressed as a percentage of a notional amount at cost, not at market value, unless stated otherwise.
The model book currently publishes no performance figures. If a performance series is published in the future, it will begin on a stated inception date, will be computed by a stated method, will be presented with this disclosure, and will not be restated to include periods before its inception. Past and hypothetical performance are not indicative of future results.
5. Personal holdings and trading policy
The publisher holds personal positions in some of the securities discussed on this site and may buy or sell them at any time. Holdings in covered securities are disclosed on the holdings disclosure with the date of the disclosure. The publisher's personal positions may differ from the model book in size, timing, and direction.
The publisher does not trade a covered security with the intent of profiting from the market's reaction to this site's publications, and does not buy a security shortly before publishing a favorable assessment in order to sell into that publication. The publisher may trade covered securities at any time, subject to the disclosure above.
6. Compensation and conflicts of interest
The publisher receives no compensation from any company discussed on this site, from any person connected with such a company, or from any third party in exchange for coverage, favorable or otherwise. The site carries no advertising and no affiliate links, and charges no subscription fee.
The publisher may in the future become associated with an investment firm or seek to manage assets for others. Any such association will be disclosed on this page before it takes effect, and the content of this site may be subject to that firm's policies.
7. How the research is produced, and its limits
The research on this site is produced by an automated pipeline that gathers primary-source documents (including filings with the U.S. Securities and Exchange Commission and foreign regulators), market and financial data from third-party providers, and published commentary by third parties; extracts figures from those sources; and drafts analysis with the assistance of large language models. The publisher reviews outputs before publication and governs the system through written rules that are themselves published.
Every figure on this site carries a tag identifying its source class: a filing, a company release, market data, a calculation from tagged inputs, a third-party author, or an inference made by the system. Inferences are labeled as inferences and are published with a stated condition under which they would be considered wrong.
Despite these controls, the content may contain errors. Source documents may be misread, third-party data may be wrong or stale, extraction may fail, and language models can produce plausible text that is incorrect. Nothing on this site is warranted to be accurate, complete, or current. Readers should verify any figure against the primary source before relying on it.
8. Third-party authors, public figures, and graded records
This site records dated public statements made by third-party authors and public figures about companies, technologies, and markets, and grades those statements against information that later becomes public, principally company filings. The grades reflect this site's published methodology applied to specific, identified statements. A grade is the publisher's opinion about a specific statement on a specific date. It is not a characterization of any person's ability, integrity, or overall record, and no such characterization should be inferred.
Third-party authors and public figures named on this site have no affiliation with this site and have not endorsed it. This site links to their own publications rather than reproducing them. Quotations are brief and are used for the purpose of identifying and evaluating the statement being graded. Any person who believes a statement has been attributed to them inaccurately, or graded on a misreading, may contact the publisher at contact@pschafer.com; corrections are made under the policy in §10.
9. Forward-looking statements
This site contains statements about future events, including the expected direction of supply constraints, company results, and industry capacity. These are the system's inferences on the date shown, are labeled as such, and are published together with the condition under which they would be considered wrong. They are not predictions of security prices and are not guarantees of any outcome. Actual events may differ materially.
10. Corrections
Errors are corrected by annotation. When a figure, statement, score, or grade is corrected, the original remains visible with the correction and its date beside it. The site does not silently replace published content. The register of changes is available on request.
11. Risks specific to this coverage
The securities discussed on this site are concentrated in a single theme: the physical infrastructure of artificial intelligence. Their prices are highly sensitive to the pace of capital spending by a small number of large technology companies, to semiconductor and energy cycles, to export controls and trade policy, and to technological substitution that can relieve a supply constraint quickly. Several are small- or mid-capitalization companies with limited trading liquidity, high volatility, and, in some cases, no current profits. Some are foreign issuers whose filings are made in other languages under other regulatory regimes. A reader who acts on any information here could lose some or all of the money involved.
12. Distribution and jurisdiction
This site is published from the United States. It is not directed at any person in any jurisdiction where publishing or accessing it would be contrary to local law. Persons who access this site do so on their own initiative and are responsible for compliance with applicable local law. These disclosures and the use of this site are governed by the law of the State of Colorado; venue for any dispute lies in the courts of the State of Colorado.
13. No warranty; limitation of liability
The content of this site is provided "as is" and "as available," without warranty of any kind, express or implied. To the fullest extent permitted by law, the publisher will not be liable for any loss or damage of any kind, including loss of profits or investment loss, arising from the use of, reliance on, or inability to access this site or its content, however caused. Nothing in this section limits liability that cannot be limited under applicable law.
14. Permitted use and intellectual property
The content of this site may be read and shared with attribution and a link. It may not be republished in full, sold, or used to provide investment advice to others without the publisher's written permission. Company names, trademarks, and filings referenced on this site belong to their owners.
15. Privacy
This site does not require registration and does not collect personal information from readers. It is hosted on GitHub Pages; the site itself collects no reader data; the host may keep standard server logs.
16. Professional designation
Peter Schafer holds the Chartered Financial Analyst designation. CFA Institute does not endorse, promote, or warrant the accuracy or quality of this site. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
17. Contact
Questions, correction requests, and notices to the publisher: contact@pschafer.com. This page is versioned; the effective date and the date of the most recent review by counsel appear at the top.