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…

Infrastructure layer companies upstream of frontier models enjoy massive demand inelasticity; Nebius raised prices 30% with no demand destruction, signaling structural supply shor…

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…

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…

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…

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…

Cerebras is a credible competitor in the emerging multi-chip landscape, noted as executing well alongside in-house efforts from major labs.