David Thomas
Founder & Lead Analyst, North Tech Capital
David Thomas is the founder and lead analyst at North Tech Capital, an independent research platform focused on mega-cap technology and the long-term build-out of the AI economy. His analysis centres on earnings power, cash flow durability, returns on capital, and valuation discipline.
David’s work sits at the intersection of technology, markets, and macroeconomic structure. Rather than following a traditional investment banking or hedge fund path, his background is defined by deep, self-directed study of global markets and a long-standing focus on how technology reshapes capital allocation and long-term returns.
That non-traditional path shapes North Tech Capital’s investment philosophy. The focus is valuation-first and fundamentals-driven, centred on earnings durability, cash flow, returns on capital, balance sheet strength, and long-term structural growth across AI, cloud infrastructure, semiconductors, and platform economics.
This approach is reflected in the Global Tech 15, a concentrated, long-only portfolio designed to capture long-term compounding rather than short-term momentum. Macro conditions, policy shifts, and capital flows are analysed first, providing context before individual investment decisions are made.
Today, as Founder and Lead Analyst at North Tech Capital, David oversees three core research products: the Global Tech 15, Tactical Briefing, and the Monthly Briefing. Together, they provide a structured framework for understanding how technology and macro forces interact as the global AI economy continues to evolve.
NORTH TECH CAPITAL SUBSTACK – FREE!
Get clear, disciplined insight into the technology and AI trends reshaping global markets, and learn how long-term investors position for them:
PREMIUM SERVICES
MONTHLY BRIEFING
A focused monthly investment write-up examining one high-conviction stock or ETF and access to the Global Tech 15 portfolio. Grounded in fundamentals. Real capital at risk.
WHAT: Mega-Cap Tech Stocks
RATING: Moderate
WHEN: Monthly
