Unity
The engine beneath a large share of the world's interactive 3D. A turnaround bet on a dominant creation tool that mismanaged its own trust.
Unity is the runtime under an enormous fraction of the games people actually play, and — quietly — under a growing amount of non-game real-time 3D: simulation, film and television virtual production, automotive interfaces, architecture, and whatever spatial computing turns into. The long thesis is medium-level: when interactive 3D becomes as ordinary as a web page, the tool the largest pool of creators already knows how to use becomes infrastructure, and infrastructure with that much mindshare is hard to dislodge.
This is explicitly a turnaround position rather than a clean compounder. The 2023 runtime-fee episode torched developer trust, the ironSource and Weta detours muddied the story, and leadership turned over. The bet is that the core creation-engine franchise is more durable than the mismanagement that obscured it — that a refocused company can re-earn the goodwill it spent and let the underlying ubiquity reassert the value. The risk is symmetrical: trust, once broken with the people who choose your tool, can keep leaking to competitors.