Keep pulling the thread on Jaimin Rangwalla.
OpenAI's most recent private funding round valued the company at over $800 billion.
Anthropic's last private funding round valued the company in the high $300s of billions.
Leading private AI companies are reaching $25 billion in annualized revenue at two to three times the speed of the hyperscalers and "Mag 7" companies.
Coatue's investment thesis has shifted from "follow the GPU" to "follow the gigawatts," viewing electrical power as the atomic unit and primary bottleneck for AI growth.
The memory market is experiencing unprecedented tightness, with supply agreements and guaranteed commitments extending out to 2029 and 2030.
Jaimin Rangwalla estimates the combined ARR of OpenAI and Anthropic is close to $60 billion.
The combined ARR of OpenAI and Anthropic is larger than that of established SaaS companies like ServiceNow or Salesforce.
A significant technical unlock in recent AI models, such as Anthropic's Claude 3 Opus, is the ability for an AI agent to spawn its own sub-agents to complete complex tasks.
Major Chinese internet companies, including ByteDance, Tencent, and Baidu, are all developing their own versions of "Claw" agentic frameworks.
Coatue predicts the CPU-to-GPU ratio in AI servers could eventually flip from 1:4 to 4 CPUs for every 1 GPU, representing a 16x shift in the market.
Memory manufacturers Samsung and Hynix now collectively generate more cash flow than all the hyperscaler companies combined.
The valuation multiples of "buyers of shortage" like Microsoft, Amazon, and Meta have compressed in recent years due to their rising CapEx for AI infrastructure.