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🇺🇸 Whether AGI is already here, and however you define it, Perplexity's CEO touched upon the massive emergent opportunity of using AI to essentially remove all of the logistical difficulties of starting a business. In the AI age, launching a business is simply a matter of giving an AI...

45,351 просмотров • 5 месяцев назад •via X (Twitter)

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Perplexity CEO Aravind Srinivas on the brutal truth about who actually makes money in AI (and why it's not who you think): Aravind argues that the real value in AI comes from orchestration. He points to products like Codex, Claude Code, and Perplexity Computer: "What is that? It's an orchestration system. It takes a model, pairs it with an agent harness." And what is an agent harness? "The simplest way of describing it is like rules for how the agent loop should run. What are all the skills and sub-agents and connectors and tools it accesses? Without the harness, you don't necessarily capture and convert the intrinsic intelligence in the model into valuable output tokens." This leads to a blunt conclusion about who has a real business in AI, and who doesn't: "If you're literally just a reseller of model tokens, you have no business, because the model will get commoditized. So even if you're a model builder, you don't have a business. As an infra layer, you have some business on serving those output tokens. But as an application layer or model builder, you don't really have a business if you're just a reseller of tokens that come directly out of the model." So where does the value accrue? "You have a business if you know how to take the model, ground it in valuable context, orchestrate it with a really good agent harness, connected to the right set of tools and connectors (whether it's personal connectors or business connectors) and provide the experience to people in one single unified system." Aravind Srinivas then explains Perplexity's specific edge: Beyond orchestrating across tools, files, and connectors, they also orchestrate across models. "That is the differentiation that Anthropic and OpenAI cannot claim, because you wouldn't find GPT-5 inside the Claude Code harness. You wouldn't find Claude Opus inside the Codex harness. These are competing with each other. Whereas you would find both these models inside Perplexity Computer." Why does this matter? Because it all comes down to power. In Aravind's framing, the fundamental cost driver in AI is watts (the one input nobody can subsidize except the government). "Whoever provides the most valuable output tokens with the least amount of power expended to produce them generates the greatest value to the end user, has the most pricing power, has the most value. That is the orchestration problem to solve." His conclusion: "The one single most important metric in AI is token value per watt per user."

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Thomas Laffont on how Coatue values SpaceX: “The quality of SpaceX's business model increases the more they launch.” “The number one driver correlated to the valuation of SpaceX is cadence of launches, which intuitively makes sense. If your business is the launch business, the more you launch, the higher your value should be. So I think we see that in the data. But there's another fundamentally different ratio that I want to point you to, which is, what if we took the valuation, we divided it by the number of launches, what would that look like? Well, you can see it was kind of in a fixed range for a while, and then it really started to move up. And we believe that markets are rational, and so we started thinking, well, why is it that the market is valuing SpaceX higher on a per launch basis when it's launching more than when it was just starting out? And my fundamental view, and we'll kind of call this our Coatue framework, is that the quality of SpaceX's business model increases the more you launch. So in phase one, which we call pre-constellation, you're just trying your rockets. And we know rockets are hard, and maybe you have a few government customers, and that's a one-time revenue business, and it's unpredictable. Then you get into your initial ramp, and now you might have one constellation. So why is a constellation important? Well, it's an end market and it's a recurring revenue business. The more satellites you put up, the more subscribers you have, the more revenue, etc. Now you can move from ramp into scale. Now you don't just have one constellation, you have multiple constellations. So now you move into being a scaled business, which ultimately becomes a platform. And we know how valuable these platforms are in this technology age. And platform means not only do you have many more customers in your core business, but you also have new businesses. It could be space datacenters, it could be the optionality of the Moon and Mars, and other space applications.” Elon Musk SpaceX $SPCX --------------------------------------- Thanks to our partners for making this possible! EY (EY) - Great tech starts with a big idea. From startup to scale, EY helps tech founders get financials right early so they can focus on what’s next. NYSE (NYSE 🏛) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE.

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