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Memory is the new bottleneck. Nick Gagnet, Coatue Sector Head, on the AI infrastructure shift and why memory demand could 5x in 5 years.

Memory is the new bottleneck. Nick Gagnet, Coatue Sector Head, on the AI infrastructure shift and why memory demand could 5x in 5 years.

1,923,767 Aufrufe • vor 2 Monaten

Agents are the new users of CPUs. Coatue’s Frank Long and Nick Gagnet on the agentic shift inverting the GPU-to-CPU ratio.

Agents are the new users of CPUs. Coatue’s Frank Long and Nick Gagnet on the agentic shift inverting the GPU-to-CPU ratio.

37,624 Aufrufe • vor 7 Tagen

Follow the bottleneck. Chips → data centers → grid equipment → power → gas turbines Grid equipment grew 1%/yr for decades. Then data centers showed up as an entirely new buyer. Gas turbine makers shipped 5–7 GW/yr. Last year? Orders hit 100 GW. Max Cook on how he follows the bottleneck across the AI power ecosystem ⬇️

Follow the bottleneck. Chips → data centers → grid equipment → power → gas turbines Grid equipment grew 1%/yr for decades. Then data centers showed up as an entirely new buyer. Gas turbine makers shipped 5–7 GW/yr. Last year? Orders hit 100 GW. Max Cook on how he follows the bottleneck across the AI power ecosystem ⬇️

398,990 Aufrufe • vor 2 Monaten

Short dramas have quietly scaled into a mainstream format, and most of the US still hasn't noticed. Serialized, vertical, and made for the phone. Episodes run one to two minutes, seasons run 100 to 150. In China it's already obvious. More viewing time now goes to short dramas than to long-form streaming. And AI is moving in fast: on Douyin's top 5,000 titles, close to one in five are now AI-generated, up from none four months ago. Coatue sector head Michael Lord Barton Jr. on why China could be the early signal for what reaches the US next.

Short dramas have quietly scaled into a mainstream format, and most of the US still hasn't noticed. Serialized, vertical, and made for the phone. Episodes run one to two minutes, seasons run 100 to 150. In China it's already obvious. More viewing time now goes to short dramas than to long-form streaming. And AI is moving in fast: on Douyin's top 5,000 titles, close to one in five are now AI-generated, up from none four months ago. Coatue sector head Michael Lord Barton Jr. on why China could be the early signal for what reaches the US next.

65,075 Aufrufe • vor 1 Monat

"The model isn't the point. The understanding is." coatue.thomas joined Coatue in 2003 with no formal analyst training. One rule that is still a non-negotiable: build every cell of the model yourself. No inherited spreadsheets. No shortcuts. The only way to actually know what you own. TBPN

"The model isn't the point. The understanding is." coatue.thomas joined Coatue in 2003 with no formal analyst training. One rule that is still a non-negotiable: build every cell of the model yourself. No inherited spreadsheets. No shortcuts. The only way to actually know what you own. TBPN

135,090 Aufrufe • vor 3 Monaten

The scale shift happening in real time: The leading AI companies are adding more ARR in a week than most public SaaS companies generate in a year. Multiple billions per week and accelerating.

The scale shift happening in real time: The leading AI companies are adding more ARR in a week than most public SaaS companies generate in a year. Multiple billions per week and accelerating.

68,319 Aufrufe • vor 1 Monat

The Power Law Paradox: you're more likely to 10x at scale. → 8% of unicorns reach decacorn status. → 13% of decacorns reach $100B. → 31% of $100B companies have gone on to 10x. The conventional wisdom: early-stage has the best returns. The data: you're more likely to 10x at scale. Thomas Laffont (coatue.thomas) at The All-In Podcast Liquidity Summit. Full video in the comments ⬇️.

The Power Law Paradox: you're more likely to 10x at scale. → 8% of unicorns reach decacorn status. → 13% of decacorns reach $100B. → 31% of $100B companies have gone on to 10x. The conventional wisdom: early-stage has the best returns. The data: you're more likely to 10x at scale. Thomas Laffont (coatue.thomas) at The All-In Podcast Liquidity Summit. Full video in the comments ⬇️.

42,886 Aufrufe • vor 1 Monat

$AI labs are out scaling the most iconic SaaS businesses in history. The core driver: A fundamental shift from Selling Software (per-seat) to Selling Work (per-output). The Market Shift: Legacy: Tool-based subscriptions ($0.2T TAM). New Paradigm: Direct monetization of work ($5.5T TAM). By shifting the unit of value from the tool to the output, the addressable market potential expands by 25x. Lucas Swisher breaks down the data in our latest C:\Take$

AI labs are out scaling the most iconic SaaS businesses in history. The core driver: A fundamental shift from Selling Software (per-seat) to Selling Work (per-output). The Market Shift: Legacy: Tool-based subscriptions ($0.2T TAM). New Paradigm: Direct monetization of work ($5.5T TAM). By shifting the unit of value from the tool to the output, the addressable market potential expands by 25x. Lucas Swisher breaks down the data in our latest C:\Take

106,086 Aufrufe • vor 3 Monaten

There are two ways to participate in AI. Philippe Laffont on the tug-of-war between them: "Sellers of the shortage" — chips, memory, optical, power equipment. Book the profit on day one. "Buyers of the shortage" — the hyperscalers spending the capex. Long, recurring revenues. "There's this gigantic tug of war between the sellers and the buyers." "The market is really rewarding the sellers of the shortage, but it is not rewarding the buyers of the shortage." "A lot of those profits are becoming the free cash flow of the other companies — the transfer that's happening." "I'm absolutely convinced that at some point the transfer will switch around." For the full May 2026 Public Markets Update, see the link in comments ⬇️

There are two ways to participate in AI. Philippe Laffont on the tug-of-war between them: "Sellers of the shortage" — chips, memory, optical, power equipment. Book the profit on day one. "Buyers of the shortage" — the hyperscalers spending the capex. Long, recurring revenues. "There's this gigantic tug of war between the sellers and the buyers." "The market is really rewarding the sellers of the shortage, but it is not rewarding the buyers of the shortage." "A lot of those profits are becoming the free cash flow of the other companies — the transfer that's happening." "I'm absolutely convinced that at some point the transfer will switch around." For the full May 2026 Public Markets Update, see the link in comments ⬇️

49,218 Aufrufe • vor 1 Monat

The SaaSpocalypse isn't showing up in the data. Traditional SaaS is still 96% seat-based. Consumption pricing? Just 4%. The real surprise is on the other side. AI Labs are 74% consumption, but seat-based spend is climbing faster than anyone called a year ago. Max Scheiber and Ara Kharazian on what Ramp's data actually shows ⬇️

The SaaSpocalypse isn't showing up in the data. Traditional SaaS is still 96% seat-based. Consumption pricing? Just 4%. The real surprise is on the other side. AI Labs are 74% consumption, but seat-based spend is climbing faster than anyone called a year ago. Max Scheiber and Ara Kharazian on what Ramp's data actually shows ⬇️

46,528 Aufrufe • vor 1 Monat

$In every tech wave, the leaders of one era often aren't the leaders of the next. Inside the AI wave, software is going through a shift. Coatue Sector Head Max Cook (Max Cook) calls it the 'software handoff' and explains what marks a 'handoff' and how to spot one. More in our C:\Take below. ⬇️$

In every tech wave, the leaders of one era often aren't the leaders of the next. Inside the AI wave, software is going through a shift. Coatue Sector Head Max Cook (Max Cook) calls it the 'software handoff' and explains what marks a 'handoff' and how to spot one. More in our C:\Take below. ⬇️

17,634 Aufrufe • vor 19 Tagen

"Follow the gigawatt." Two years ago, Coatue's AI framework was "follow the GPU". Today the gigawatt is the atomic unit of AI growth, and one of the biggest shortages in the market. Jaimin Rangwalla, CIO of Public Investments at Coatue, on how the team is mapping the supply chain.

"Follow the gigawatt." Two years ago, Coatue's AI framework was "follow the GPU". Today the gigawatt is the atomic unit of AI growth, and one of the biggest shortages in the market. Jaimin Rangwalla, CIO of Public Investments at Coatue, on how the team is mapping the supply chain.

38,826 Aufrufe • vor 1 Monat

"Not a single one of the companies we're involved with is saying they want to cut engineering staff in half." coatue.thomas and Molly O’Shea at Upfront Ventures summit on why AI productivity drives market expansion, not displacement.

"Not a single one of the companies we're involved with is saying they want to cut engineering staff in half." coatue.thomas and Molly O’Shea at Upfront Ventures summit on why AI productivity drives market expansion, not displacement.

62,522 Aufrufe • vor 4 Monaten

The AI power boom has just begun. 🔌⚡️ As data centers multiply, Sector Head Max Cook outlines three paths to meet the soaring demand for electricity. Watch below and read more:

The AI power boom has just begun. 🔌⚡️ As data centers multiply, Sector Head Max Cook outlines three paths to meet the soaring demand for electricity. Watch below and read more:

93,132 Aufrufe • vor 7 Monaten

The Coatue framework for how SpaceX's value per launch scales with cadence. More launches means more constellations, more subscribers, and more recurring revenue. Companies, governments, and militaries are increasingly looking to own their own infrastructure. Thomas Laffont (coatue.thomas) at the All-In Liquidity Summit. ⬇️

The Coatue framework for how SpaceX's value per launch scales with cadence. More launches means more constellations, more subscribers, and more recurring revenue. Companies, governments, and militaries are increasingly looking to own their own infrastructure. Thomas Laffont (coatue.thomas) at the All-In Liquidity Summit. ⬇️

13,854 Aufrufe • vor 1 Monat

AI is rapidly reordering winners and losers — Philippe Laffont, Founder of Coatue One reordering is already underway: the shift from GPUs to CPUs. Mike Jaksa, Deputy CIO of Coatue: "For agents, you're searching the web, you're analyzing data spreadsheets. It's much more CPU intensive." "The historical ratio of GPU to CPU may be flipping entirely: from 4:1 to 1:4." — Mike Jaksa, Coatue For the full May 2026 Public Markets Update, see the link in comments ⬇️

AI is rapidly reordering winners and losers — Philippe Laffont, Founder of Coatue One reordering is already underway: the shift from GPUs to CPUs. Mike Jaksa, Deputy CIO of Coatue: "For agents, you're searching the web, you're analyzing data spreadsheets. It's much more CPU intensive." "The historical ratio of GPU to CPU may be flipping entirely: from 4:1 to 1:4." — Mike Jaksa, Coatue For the full May 2026 Public Markets Update, see the link in comments ⬇️

18,038 Aufrufe • vor 1 Monat

$In 1973, The New York Times predicted ATMs would cut bank teller jobs by 75%. Instead, teller employment grew by 81% from 1970-1988. In our latest C:\Take, Coatue Sector Head Max Cook looks past AI "doomer" headlines to examine the history of creative destruction. 60% of jobs today didn't exist in 1940. AI will undoubtedly eliminate tasks, but history suggests it will also create entirely new opportunities. Watch the full video below. 👇$

In 1973, The New York Times predicted ATMs would cut bank teller jobs by 75%. Instead, teller employment grew by 81% from 1970-1988. In our latest C:\Take, Coatue Sector Head Max Cook looks past AI "doomer" headlines to examine the history of creative destruction. 60% of jobs today didn't exist in 1940. AI will undoubtedly eliminate tasks, but history suggests it will also create entirely new opportunities. Watch the full video below. 👇

32,703 Aufrufe • vor 4 Monaten

Winners have been highly concentrated. Over the past year, two S&P 500 sectors pulled away from the pack on a relative basis: semis and energy. The rest of the market looked very different. Philippe Laffont on why scarcity got rewarded. ⬇️

Winners have been highly concentrated. Over the past year, two S&P 500 sectors pulled away from the pack on a relative basis: semis and energy. The rest of the market looked very different. Philippe Laffont on why scarcity got rewarded. ⬇️

13,480 Aufrufe • vor 1 Monat

"The AI we're living through is a big event that's rapidly reordering winners and losers." Philippe Laffont on why market dispersion is at a level seen only twice before: 2008–09 and Covid.

"The AI we're living through is a big event that's rapidly reordering winners and losers." Philippe Laffont on why market dispersion is at a level seen only twice before: 2008–09 and Covid.

11,191 Aufrufe • vor 1 Monat

Courage of conviction. Philippe Laffont and Henry Kravis at #SEOAICON on the costliest mistakes in investing - and why the hardest part is often not making the call, but having the conviction to hold it.

Courage of conviction. Philippe Laffont and Henry Kravis at #SEOAICON on the costliest mistakes in investing - and why the hardest part is often not making the call, but having the conviction to hold it.

11,852 Aufrufe • vor 3 Monaten