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$MERCOR · Mercor CEO: Why Application Layer Companies Have No Moat & The Cost of Hiring AI Researchers
now playing · $MERCOR
$MERCORbullish· high· posharry stebbings
Harry Stebbings invested in Mercor at $2B valuation (Series B), calls it incredible investment in hindsight
Invested at Series B ($2B valuation, 100x revenue) when company was growing 50% MoM; business subsequently 4x'd revenue in months, validating the aggressive multiple; Felicis late…
$MERCORbullish· highbrandon suede
Mercor profitable at $1B+ revenue run rate, 50% MoM growth, $500M cash, no cash burn since seed
Vertically integrated data provider to frontier labs with 5M+ talent network, 30-40% gross margins, compounding data moats and network effects; added $300M net new ARR in 60 days…
$NBIS···bullish· mediumharry stebbings
Nebius demonstrates extreme pricing power with 30% hike and zero demand impact
Infrastructure layer companies upstream of frontier models enjoy massive demand inelasticity; Nebius raised prices 30% with no demand destruction, signaling structural supply shor…
$CRM···bullish· mediumbrandon suede
Salesforce network effects via platform integrations create durable moat against AI replication
Companies with genuine network effects (Salesforce's integration ecosystem, Slack Connect, Carta's cap table network) will sustain defensibility because they can iterate 10x faste…
$ANTHROPICbullish· highbrandon suede
Anthropic viewed as equally compelling $10T+ candidate alongside OpenAI
Same thesis as OpenAI: frontier model labs will become the most valuable companies globally due to teacher-model advantages, distillation capabilities, and insatiable demand for c…
$OPENAIbullish· highbrandon suede
Brandon Suede sees OpenAI on path to $10T+ valuation as frontier model leader
Frontier model companies will capture enormous economic value by serving as teacher models for distillation, building best small models, and eating up demand across the economy; r…
$NVDA···bullish· mediumbrandon suede
Nvidia remains phenomenal but faces multi-chip future eroding monopoly
Nvidia will execute well but market share drops to 30-40% in 5 years as Cerebras, in-house lab chips (Google, Meta, etc.) gain traction; even at reduced share, dominating the larg…
$CBRS···bullish· lowbrandon suede
Cerebras executing well in AI chip competition against Nvidia
Cerebras is a credible competitor in the emerging multi-chip landscape, noted as executing well alongside in-house efforts from major labs.