J.H. Whitney

Investment Management

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J.H. Whitney

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Our core thesis for the firm and what we bring

To navigate today’s interconnected world, corporate and political entities require a deep understanding of the impact of geopolitical affairs and nation-state activities on global business operations, investments, and economic security. 

In this landscape of new challenges and threats, J.H. Whitney Investment Management believes in a central vision of providing cutting-edge analysis of geopolitical interests.

With an unwavering commitment to defending U.S. national security interests and assisting decision-makers in navigating the complex web of global risks, J.H. Whitney aims to act as the trusted partner for asset managers, institutional investors, corporate leaders, governments, and national security officials.

Investment Management

Direct investments in early-stage military and civilian technologies and advisory services associated with navigating nation-state competition in the economic domain.

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Data Services

Provides custom indices and geopolitical risk mitigation analytics, including a quantitative representation of geopolitical exposure in the form of our Geostrategic Risk Rating. Click here for press commentary.

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Publications

02/23/2024 | BBC

The 'mind-bending' bionic arm powered by AI

Modern-day replacement arms and legs are made of silicone and carbon fibre, and increasingly they are bionic, meaning they have various electronically controlled moving parts to make them more useful to the user.
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02/23/2024 | Bloomberg

US Data Center Operator Equinix Plans $390 Million Africa Build

Nasdaq-listed Equinix Inc. will invest $390 million in Africa over the next five years building data centers and expanding current operations in South Africa and the west of the continent.
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02/23/2024 | Nikkei Asia

U.S.'s return to the moon is a first for a private company

A spacecraft built and flown by Texas-based company Intuitive Machines landed near the south pole of the moon on Thursday, the first U.S. touchdown on the lunar surface in more than half a century and the first ever achieved by the private sector.
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02/23/2024 | Nikkei Asia

Japan to adopt NTT next-gen communications tech for defense

Japan's Ministry of Defense will formulate a plan as early as this spring to utilize next-generation commercial communications technology for security purposes, beginning with Japanese telecom carrier NTT's in-development IOWN platform.
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02/23/2024 | Nikkei Asia

U.S. export curbs on China won't extend to legacy chips: official

While the U.S. has ramped up restrictions on cutting-edge chip exports to China, it has "no interest in expanding them further to mature chips or legacy chips," the U.S. assistant secretary of commerce for export administration told Nikkei.
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02/23/2024 | Financial Times

The companies benefiting from Europe’s defence revival

Ground warfare in Ukraine has unexpectedly depleted national stockpiles of ammunition and other artillery, benefiting not only Germany’s Rheinmetall and Scandinavia’s Nammo, but also smaller suppliers.
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02/23/2024 | South China Morning Post

Tech war: Nvidia’s stellar results show it can thrive amid China decoupling as it lists Huawei as potential AI chip rival

A massive stock surge for Nvidia Corp in the wake of stellar earnings this week shows that the world’s most important chip developer for the artificial intelligence (AI) age is managing to thrive without China, its third-largest market, say analysts.
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02/23/2024 | Macro Hive

Ep. 204: Claudia Sahm on Inflation Risks, Fed Cuts, and Recession

This podcast covers US fiscal policy; the main causes of inflation; and why no wage-cost inflation?
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02/23/2024 | Macro Hive

The Week Ahead: Will Fed Speakers Change Their Tune?

In this episode, Ben and Dominique discuss US CPI, this week’s Fed speakers, Dominique’s PCE expectations, and more!
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02/23/2024 | War on the Rocks

WOTR Daily Newsletter: February 23

The geopolitics of energy have undergone a transformation, call it “the great de-risking,” brought on by progressive geopolitical shocks and shifts in the sources of supply over the last decade.
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02/22/2024 | BBC

China tech firm claimed it could hack Foreign Office

A Chinese cyber security firm claimed it had the ability to hack the UK's Foreign Office, leaked documents suggest. UK government agencies, think tanks, businesses and charities also appear in the leaked i-Soon data.
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02/22/2024 | The Wall Street Journal

Hospitals Urged to Disconnect From UnitedHealth’s Hacked Pharmacy Unit

The American Hospital Association urged healthcare facilities to disconnect from a major technology provider and to check their systems after a cyberattack against one of the largest U.S. commercial prescription processors.
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02/22/2024 | Bloomberg

How Japan Pulled Off an Early Victory in the Race to Make More Chips

On Feb. 24, TSMC will officially open its Kumamoto fab, putting it on track to begin mass production later this year. The ribbon-cutting marks an early victory for Japan as governments around the world race to establish domestic chip capabilities in the wake of Covid-era disruptions and growing geopolitical tensions.
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02/22/2024 | Bloomberg

Why Making Computer Chips Has Become a New Global Arms Race

The incredibly complex, high-stakes business of making semiconductors has always been a battle of corporate giants. Now it’s also a race among governments.
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02/22/2024 | Foreign Policy

What We Know About Russia’s Nuclear Space Weapon

Last week, U.S. House Intelligence Committee Chairman Mike Turner posted a brief statement on X, formerly Twitter, saying that his panel had “information concerning a serious national security threat” and calling on U.S. President Joe Biden to “declassify all information relating to” the unspecified threat.
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02/22/2024 | War on the Rocks

WOTR Daily Newsletter: February 22

The surprise of Hamas’ Oct. 7 attacks can be attributed to abundant noise, deception, wishful thinking, groupthink, and failure of imagination. Nevertheless, careful analysis of the case at hand further highlights several additional factors.
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02/22/2024 | Bloomberg

Purported Leaks Show Global Reach of China-Sponsored Hacking

A huge trove of documents on GitHub appeared to outline in extraordinary detail the scope of China’s state-sponsored cyberattacks on foreign governments, transfixing the global security community.
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02/22/2024 | Nikkei Asia

Eyeing China, Biden signs order to defend ports against cyberattacks

U.S. President Joe Biden signed an executive order on Wednesday to bolster defenses against cyberattacks on the nation's ports, as officials warn about the threat posed by Chinese hackers.
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02/22/2024 | Financial Times

The problem with Europe’s ageing wind farms

The swooshing of the wind turbines of Tahivilla is inescapable. Above wheat fields in one direction and sunflower slopes in another, the skyline of this gusty tip of southern Spain is a panorama of spinning blades.
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02/22/2024 | Reuters

Verizon to fit Audi's test track with 5G for smart vehicle testing

Verizon is partnering with Volkswagen brand Audi AG to equip the German carmaker' s private test track in Neustadt in Germany with a 5G network and to help test smart vehicle technology, the telecoms group said on Thursday.
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02/22/2024 | South China Morning Post

Tech war: Nvidia sampling alternative AI chips to China as US restrictions take a toll there

US chip giant Nvidia said it has started shipping alternative samples of permissible artificial intelligence (AI) chips to Chinese customers, as Washington’s restrictions on sales of advanced semiconductors to the mainland begin to take a toll on its business in China.
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02/21/2024 | War on the Rocks

WOTR Daily Newsletter: February 21

Lee Hsi-ming’s Taiwan’s Plan for Victory: An Asymmetric Strategy of Using the Small to Control the Large (2022) stands out as both a theoretical framework for deterrence and a set of concrete proposals for asymmetric resistance against a People’s Liberation Army invasion.
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02/21/2024 | Bloomberg

Apple Boosts iMessage Security to Fend Off Quantum Computing Attacks

Apple Inc. is upgrading the security of its iMessage app, aiming to fend off a looming future threat: advanced quantum computing attacks.
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02/21/2024 | Bloomberg

India’s Tech Leaders Jockey For Slice of $300 Billion AI Market

From the US to China, internet giants and startups are spending billions to stake out a spot in a rapidly expanding AI sphere. India too can become a formidable contestant in that race, industry experts say.
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02/21/2024 | Bloomberg

China’s Spy Agency Sees Threats Everywhere in Data Security Push

China’s spy agency is now warning that these everyday acts are increasingly being exploited by foreign actors to harm the country’s national security. It’s the latest sign of increasing scrutiny of data flows, one that is likely to heighten risks for businesses operating in the world’s second-largest economy.
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02/21/2024 | Nikkei Asia

U.S. boosts chipmaker GlobalFoundries as China worries mount

The U.S. Commerce Department's agreement to grant $1.5 billion to New York-based chipmaker GlobalFoundries comes as U.S. lawmakers raise the specter of Chinese firms undercutting American producers of chips for cars and consumer electronics.
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02/21/2024 | Reuters

Exclusive: US targets China's top chipmaking plant after Huawei Mate 60 Pro

The Biden administration is turning up the heat on China's top sanctioned chipmaker by cutting off its most advanced factory from more American imports after it produced a sophisticated chip for Huawei's Mate 60 Pro phone, three people familiar with the matter said.
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02/21/2024 | Bloomberg

Billion-Dollar Space Startup Begins Tests Targeting Orbital Junk

For more than a decade, an abandoned piece of a Japanese rocket has been speeding uncontrolled around Earth, at risk of colliding with active satellites and causing havoc in orbit.
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02/21/2024 | Bloomberg

US Needs More Chips Funding as AI Fuels Demand, Raimondo Says

Commerce Secretary Gina Raimondo said that the US will need continued investments in semiconductor manufacturing to regain global leadership and meet demand from artificial intelligence technologies.
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02/21/2024 | Bloomberg

Microsoft Will Use Intel to Manufacture Home-Grown Processor

Intel Corp. has landed Microsoft Corp. as a customer for its made-to-order chip business, marking a key win for an ambitious turnaround effort under Chief Executive Officer Pat Gelsinger.
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02/21/2024 | The Economist

The challenges of steering a hypersonic plane

Steering hypersonically using conventional control surfaces, like wings and ailerons, is out of the question. The forces and heat involved would destroy them. Smaller versions called trim tabs can help a bit. But what is really needed is a different approach.
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02/21/2024 | The New York Times

What the Ukraine Aid Debate Is Really About

Over the weekend Senator J.D. Vance of Ohio went to the Munich Security Conference to play an unpopular part — a spokesman, at a gathering of the Western foreign policy establishment, for the populist critique of American support for Ukraine’s war effort.
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02/20/2024 | The Wall Street Journal

Musk’s SpaceX Forges Tighter Links With U.S. Spy and Military Agencies

SpaceX is deepening its ties with U.S. intelligence and military agencies, winning at least one major classified contract and expanding a secretive company satellite program called Starshield for national-security customers.
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02/20/2024 | Bloomberg

Spain Seeks to Reboot Stuttering €12 billion Chip Aid Plan

The Spanish government is exploring a new governance structure for its approximately €12 billion ($13 billion) plan to subsidize chipmakers, which would facilitate partnerships with the private sector and expand the number of people working on the project beyond the half dozen or so engaged currently.
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02/20/2024 | Nikkei Asia

U.S. trade curbs spur China business for Japan chip industry

Japan's semiconductor equipment makers are enjoying strong demand from China, in part due to trade controls imposed by Washington and to Beijing stepping up efforts to boost the local chip industry.
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02/20/2024 | Reuters

Neuralink's first human patient able to control mouse through thinking, Musk says

The first human patient implanted with a brain-chip from Neuralink appears to have fully recovered and is able to control a computer mouse using their thoughts, the startup's founder Elon Musk said late on Monday.
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02/20/2024 | Reuters

US House forms AI task force as legislative push stalls

Leaders of the U.S. House of Representatives said Tuesday they are forming a bipartisan task force to explore potential legislation to address concerns around artificial intelligence.
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02/20/2024 | South China Morning Post

China builds up electric power in Gobi and western deserts equal to half US capacity

In the vast expanse of the Gobi and other deserts in northwestern China, a “world-leading” electricity production and transmission network is taking shape, according to Chinese scientists.
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02/20/2024 | South China Morning Post

Chinese start-up Moonshot AI raises US$1 billion in funding round led by Alibaba and VC HongShan amid strong interest for OpenAI-type firms

Chinese artificial intelligence start-up Moonshot AI has raised more than US$1 billion in a new funding round led by e-commerce giant Alibaba Group Holding and venture capital firm HongShan, as interest among investors remains high for innovative mainland enterprises similar to ChatGPT creator OpenAI.
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02/20/2024 | South China Morning Post

Tech war: SMIC, Huawei projects among top government-supported endeavours in 2024

Semiconductor Manufacturing International Corp (SMIC) and Huawei Technologies, two key players in Beijing’s efforts to defeat US sanctions on advanced chips, are among the country’s top recipients of local government funding this year, according to published government documents.
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CEO Blog

Weekend Reading

02/16/2024 | John M. B. O'Connor

CEO Commentary

It’s not just about Taylor, Travis, Putin, Zelinsky, Biden, Trump, Netanyahu and the Magnificent 7. In addition to other great content this week, we highlight that we have seen increased analysis of the probability of US  v PRC conflict focusing on a Taiwan clash. Of particular note is a Bloomberg report which provides 7 scenarios ranging from enduring peace to outright military conflict. [Spoiler alert: military conflict twice as likely as enduring peace]. This while Taiwan Indexes reach all time highs.

Niall Ferguson published a brilliant thought experiment of what conflict [ Spoiler alert: and losing] might be like. Beyond this, a very detailed looks from CSIS. As always please favor us with comments.

02/15/2024 | Bloomberg

If You Think World War III Is Unimaginable, Read This

You might have thought that, having so recently lost a small war, Americans would have no difficulty picturing the consequences of losing a large one. But the humiliating abandonment of Afghanistan in 2021 has been consigned with remarkable swiftness to the collective memory hole.
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02/15/2024 | Bloomberg

Xi, Biden and the $10 Trillion Cost of War Over Taiwan

War over Taiwan would have a cost in blood and treasure so vast that even those unhappiest with the status quo have reason not to risk it. Bloomberg Economics estimate the price tag at around $10 trillion, equal to about 10% of global GDP — dwarfing the blow from the war in Ukraine, Covid pandemic and Global Financial Crisis.
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02/15/2024 | Bloomberg

Odds of a Taiwan Strait Crisis? Not So Slim

We estimate a 25% chance of a major crisis in the Taiwan Strait in the next five years, within which we assess a 7 0% risk of some form of conflict. The odds mainland China and Taiwan instead find a peaceful, enduring solution to their differences? Unfortunately, much lower - we estimate around 5%.

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01/25/2024 | The Wall Street Journal

Investors Are Betting on Defense Startups. The Pentagon Isn’t.

Venture capitalists have poured more than $100 billion into U.S. defense-technology startups since 2021, banking on government interest in upgrading the military. Persuading the Pentagon to buy from Silicon Valley has proven difficult.
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01/24/2024 | Nikkei Asia

Tesla cars face more entry bans in China as 'security concerns' accelerate

Tesla drivers in China are facing entry restrictions at more government-affiliated venues, including meeting halls and exhibition centers, due to data security concerns amid ongoing tensions between Washington and Beijing.
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01/19/2024 | Bloomberg

New ICBM Is Seen Going 37% Over $96 Billion Cost, Forcing a US Review

The US Air Force’s new Sentinel intercontinental ballistic missile program is now estimated to cost at least 37% more than the previously projected $96 billion, triggering a formal Pentagon review that will include whether to scale back or terminate the project.
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01/18/2024 | Reuters

China issues draft guidelines for standardising AI industry

China's industry ministry on Wednesday issued draft guidelines for standardising the artificial intelligence (AI) industry, it said in a statement posted on the ministry's website.
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01/17/2024 | The Washington Times

The eve of Apple and Tesla’s destruction in China

American CEOs who succumb to the lure of China‘s sweatshops, pollution havens and government subsidies inevitably lose not just their souls. They eventually surrender their companies.
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01/17/2024 | John M.B. O'Connor

CEO Commentary

Each week we will identify a few selected articles representative of themes and events we find of particular interest and worthy of making it into your weekend reading kit. This week we focus on the continuing movement at scale of the PRC in legacy chips, space platforms and AI/AR. The combination of continued implementation of MIC 2025 combined with Civil/Military Fusion is presenting an ever more formidable challenge to the West. We chose 3 articles illustrating this, and we welcome your comments.

01/11/2024 | Bloomberg

China’s Chip Output May Double in Five Years, Barclays Says

China’s chipmaking capacity will more than double in five to seven years based on local manufacturers’ existing plans, “materially more” than the market expects, according to research from Barclays analysts.
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01/10/2024 | South China Morning Post

China augmented reality start-up Rokid gets US$70 million in new funding round led by Hefei government

Chinese augmented reality (AR) technology firm Rokid has raised nearly half a billion yuan in its latest round of funding led by a local Chinese government, in a fresh indication of the backing from authorities for tech start-ups.
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01/10/2024 | Nikkei Asia

China to launch 26,000 satellites, vying with U.S. for space power

China will start building this year its own version of StarLink, a satellite internet constellation using low Earth orbit, with plans of launching some 26,000 satellites to cover the entire world led by state-run companies.
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Topic of the week

02/22/2024 | Bloomberg

US Needs More Chips Funding as AI Fuels Demand, Raimondo Says

Commerce Secretary Gina Raimondo said that the US will need continued investments in semiconductor manufacturing to regain global leadership and meet demand from artificial intelligence technologies.
Read More

02/22/2024 | Nikkei Asia

U.S. trade curbs spur China business for Japan chip industry

Japan's semiconductor equipment makers are enjoying strong demand from China, in part due to trade controls imposed by Washington and to Beijing stepping up efforts to boost the local chip industry.
Read More

02/22/2024 | Bloomberg

How Japan Pulled Off an Early Victory in the Race to Make More Chips

On Feb. 24, TSMC will officially open its Kumamoto fab, putting it on track to begin mass production later this year. The ribbon-cutting marks an early victory for Japan as governments around the world race to establish domestic chip capabilities in the wake of Covid-era disruptions and growing geopolitical tensions.
Read More

02/22/2024 | J.P. Morgan

Hardware & Networking

2024 Outlook: Leaning Further into AI in Networking and Compute, Valuations and Expectations of Recovery Remain Elevated Despite Recent Pullback

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02/15/2024 | Global Taiwan Institute

Geopolitics and Energy Security in Taiwan: A Refined Analysis

How can Taiwan best protect its oil industry, to include building resiliency and ensuring strategic oil reserves for both military and civilian use? This two-part article series seeks to address these questions by critically reviewing Taiwan’s oil supply chain, identifying key vulnerabilities, and offering policy recommendations.
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02/15/2024 | Bloomberg

Dimon Says China Risk-Reward Equation Has ‘Changed Dramatically’

China has been “very consistent” in opening up to financial-services companies, but calculating the potential upside for US firms has become more complicated, according to Jamie Dimon.
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02/15/2024 | Stimson Center

Would Anyone “Win” a Taiwan Conflict?

As US-China tensions persist and anti-China rhetoric ramps up in the U.S. presidential election campaign, many political contenders exude a casual bravado about a conflict with China. This mindset discounts the catastrophic economic costs of a conventional US-China confrontation.
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02/15/2024 | Center for Strategic & International Studies

The First Battle of the Next War

What would happen if China attempted an amphibious invasion of Taiwan? CSIS developed a wargame for a Chinese amphibious invasion of Taiwan and ran it 24 times. In most scenarios, the United States/Taiwan/Japan defeated a conventional amphibious invasion by China and maintained an autonomous Taiwan.
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01/24/2024

Financial Times: White House science chief signals US-China co-operation on AI safety

The US will work with China on the safety of artificial intelligence systems in the coming months, the White House’s top science adviser has said, signalling a rare co-operation between the two powers.
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01/24/2024

J.P. Morgan: Is the world economy deglobalizing?

Since the U.S.-China trade war began in 2018, and with increasing intensity during COVID, investors have expressed concerns about deglobalization. That’s the idea that the world is becoming less interconnected through trade, which has the potential to hurt financial markets, GDP growth and corporate profits.
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01/23/2024

Foreign Affairs: Containment for AI

The last two years have seen startling advances in artificial intelligence. The next few years promise far more, with larger and more efficient models, capable of real creativity and complicated planning, likely to emerge.
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01/23/2024

The Morgan Stanley Al Guidebook: Fourth Edition

We highlight ~30 new Al notes across Morgan Stanley Global Research. We focus on Al diffusion winners, macro productivity gains, healthcare, financial and education sector impacts. We also detail work on the software stack, gaming, Edge Al and our deep dive on Gen Al private companies.

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01/18/2024

South China Morning Post: Chinese-developed nuclear-powered battery can last 50 years without recharging

A company in China has developed a battery that it says can last longer than the devices it powers. The nuclear-powered BV100 is smaller than a coin and can provide power for 50 years without the need for recharging.
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01/18/2024

The Wall Street Journal: One of Biden’s Favorite Chip Projects Is Facing New Delays

Taiwanese chip maker TSMC said it expected to delay production at the second of two semiconductor plants it is building in Arizona, the latest setback for a $40 billion project at the core of Washington’s effort to rebuild U.S. chip manufacturing.
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01/18/2024

Reuters: EU-backed investors plan 500 million euro battery raw materials fund

Two of Europe's leading energy transition investors plan to raise 500 million euros ($544.55 million) for a battery raw materials fund, aiming to plug "significant gaps" in the region's supply chain, executives told Reuters.
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01/15/2024

Bloomberg: South Korea Lays Out $470 Billion Plan to Build Chipmaking Hub

South Korea unveiled plans by leading firms such as Samsung Electronics Co. and SK Hynix Inc. to spend more than $470 billion establishing the world’s largest chipmaking cluster, joining a global race to safeguard domestic supply.
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01/14/2024 | Taiwan Election

J.P. Morgan: Risk appetite not yet wavering despite tight valuations

The Biden administration's tone toward China has become less confrontational while China has focused on domestic challenges as their top priority.

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01/08/2024 | Taiwan Election

Bloomberg: Xi, Biden and the $10 Trillion Cost of War Over Taiwan

War over Taiwan would have a cost in blood and treasure so vast that even those unhappiest with the status quo have reason not to risk it. Bloomberg Economics estimate the price tag at around $10 trillion, equal to about 10% of global GDP — dwarfing the blow from the war in Ukraine, Covid pandemic and Global Financial Crisis.
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01/04/2024 | Taiwan Election

Bloomberg: Wargaming a Great Power Conflict Over Taiwan

Militaries have long used wargames to develop and refine battle plans, but rarely make their findings public. Fortunately, outside research institutions also run simulations that can provide a meaningful glimpse into how a US China war over Taiwan could start and how it might end.

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10/25/2023 | Taiwan Election

Baker's Institute: Reaping the Whirlwind: How China’s Coercive Annexation of Taiwan Could Trigger Nuclear Proliferation in Asia and Beyond

Five years ago — and certainly a decade ago — coercive annexation of Taiwan by the People’s Republic of China (PRC) might have seemed an extreme scenario. Unfortunately, this is no longer the case. The rising crescendo of PRC air and maritime pressure operations near the island, missile firings, and so on are bringing Beijing within a few steps of the maritime quarantine or similar operations that would likely be central to an attempt at coercive annexation.
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