TickerTain
$SPCX····$NVDA····$MSFT····$GOOGL····$ANTHROPIC·$TSLA····$CRWV····$NBIS····$HIMS····$TSM····$ASML····$FIGURE·$LYFT····$UBER····$SNOW····$META····$ELEVENLABS·$CURSOR·$COGNITION·$OPENAI·$AAPL····$RKLB····$XAI·$AMZN····$AMD····$000660.KS····$INTC····
← newsroom
Data Center Infrastructure · Speed of gigawatt energization is key revenue driver; SpaceX leads on deployment velocity
now playing · Data Center Infrastructure
Data Center Infrastructuretailwindscore 9/10gavin baker
Speed of gigawatt energization is key revenue driver; SpaceX leads on deployment velocity
Revenue in AI infrastructure scales with gigawatts energized; SpaceX's ability to bring data centers online faster than anyone (per Jensen) and monetize at 2-3x neocloud rates makes deploym…
AI Infrastructuretailwindscore 8/10gavin baker
Token factory model sufficient for 5-10 years; full cloud stack not required
Being a pure token factory (compute provider) is more than enough value capture for the next decade; hyperscalers don't need to build full AWS-like stacks (databases, storage) to win in AI…
Semiconductorsheadwindscore 8/10gavin baker
Bottleneck trade ending; focus shifting to enduring franchise value over supply-chain chokepoints
The 'bottleneck bro' trade of hunting obscure supply-chain chokepoints (e.g., Japanese material suppliers) is nearing end as pricing power fails to materialize; next phase rewards companies…
Sovereign AItailwindscore 8/10gavin baker
Sovereign AI for most nations = fine-tuning open models on local data/culture, not frontier training
Countries outside US/China will pursue sovereign AI via RL/SFT on best open-source models with system prompts for local values, running in own data centers for defense/intelligence — not by…
AI Geopolitics & Export Controlsheadwindscore 8/10gavin baker
China's AI gap widening due to chip self-sufficiency delusion and distillation dependence
China's belief in domestic chip adequacy is wrong; their labs excel at industrial-scale distillation of US models (160k traces for DeepSeek), but this collapses if frontier labs stop releas…
Public Markets & Valuationtailwindscore 7/10gavin baker
EV/Net PP&E emerging as key metric for AI hyperscalers; installed atoms appreciating
Installed physical assets (GPUs, data centers) will appreciate in value; EV/Net PP&E captures this 'halo trade' (high asset value, low obsolescence) and reveals market skepticism on Meta's…
Public Markets & Valuationtailwindscore 7/10gavin baker
Retail outperforming professionals for 3.5 years; strongest force since 2000 bubble
Retail favorites indices up significantly in 2024-25; retail now more powerful market force than any time in Baker's career including 2000, driven by hyperscaler cash burn and geopolitical…
AI Infrastructuretailwindscore 7/10gavin baker
CDNs deliver <1% of tokens but capture massive latency premium; voice models drive edge GPU colocation
Cloudflare and CDNs earn huge premiums for low-latency token delivery (Cerebras proves speed value), but handle tiny fraction of total tokens; voice inference needs edge GPUs while coding m…
Space-Based Computetailwindscore 7/10gavin baker
Starship reuse makes orbital compute economically compelling vs terrestrial at 2:1 cost advantage
Reusable Starship reduces launch cost to ~$5B per gigawatt; eliminating $25B power/cooling makes orbital compute ~$30B/GW vs $60B terrestrial, with power costs being inflationary on Earth.