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mala gaonkar

T2 · manager / operator

Founded SurgoCap in 2021 with $1.8B, now ~$6B AUM. Spent 23 years as founding partner at Lone Pine Capital, one of the most successful hedge funds. Focuses on concentrated, long-duration moats across enterprise data/tech, financial services, healthcare services, and industrial technologies. Uses data-science debiasing and private-market access.

6 calls·6 names·67% bull·last heard 7 months ago·In Good Company with Nicolai Tangen
track recordleaderboard →
hit rate
50%
avg alpha
-5.9pp
scored
4

top calls

best measured alpha vs SPY, then highest conviction · one per company
1st+20.2pp vs SPY
$TSMTaiwan Semiconductor Manufacturingposition

TSMC's process-engineering moat cited as systemic, multi-layered advantage

TSMC owns not just the leading-edge fab but the entire process-engineering ecosystem around chip manufacturing, creating a systemic moat that is hard to replicate.

In Good Company with Nicolai Tangen2026-01→
2nd+6.2pp vs SPY
$NVDANvidiaposition

Gaonkar details Nvidia inference moat and admits sunk-cost bias from 2015 exit

Inference is the annuity stream of AI; application-specific chips (ASICs/TPUs) built for inference workloads create very long-duration moats. Gaonkar missed the full move after selling in 2015 due to crypto/gaming headwinds and failed to revisit due to sunk-cost bias.

In Good Company with Nicolai Tangen2026-01→
3rdmedium conviction
$ISRGIntuitive Surgicalposition

Robotic surgery penetration of 300M annual procedures seen as massive runway

Only early innings of robotic surgery adoption across ~300M global surgeries; combination of haptic feedback, mapping software, and surgical workflow integration drives lower error rates and easier training.

In Good Company with Nicolai Tangen2026-01→

most discussed · click a bar to filter

recurring themes

6 total
$ISRG
···
Intuitive Surgical
MEDmala gaonkar·In Good Company with Nicolai Tangen·7 months ago· position
Robotic surgery penetration of 300M annual procedures seen as massive runway
Only early innings of robotic surgery adoption across ~300M global surgeries; combination of haptic feedback, mapping software, and surgical workflow integration drives lower error rates and easier training.
"there about 300 million surgeries conducted globally. Uh and they're just beginning to be penetrated uh by you know what's happening with robotic surgery specifically you know com…"
7:33
$OPENAI
OpenAI
LOWmala gaonkar·In Good Company with Nicolai Tangen·7 months ago
OpenAI building proprietary inference stack alongside Google and Anthropic
Major frontier model providers are each developing their own inference infrastructure, reinforcing the view that inference is a distinct, defensible layer.
"Google will have its own inference stack um open AAI uh anthropic and others"
22:26
$GOOGL
···
Alphabet
MEDmala gaonkar·In Good Company with Nicolai Tangen·7 months ago· position
Google's custom TPU inference stack highlighted as key AI infrastructure play
Google's vertically integrated TPU stack for inference workloads reduces cost and creates a durable moat in the AI inference layer.
"Google will have its own inference stack um open AAI uh anthropic and others and I think what is happening around Google's TPU is really interesting in terms of reducing that"
22:26
$NVDA
···
Nvidia
HIGHmala gaonkar·In Good Company with Nicolai Tangen·7 months ago· position
Gaonkar details Nvidia inference moat and admits sunk-cost bias from 2015 exit
Inference is the annuity stream of AI; application-specific chips (ASICs/TPUs) built for inference workloads create very long-duration moats. Gaonkar missed the full move after selling in 2015 due to crypto/gaming headwinds and failed to revisit due to sunk-cost bias.
"I think what is happening around Google's TPU is really interesting in terms of reducing that so I I think um AS6 or ASIC chips application specific chips that are designed for sp…"
22:09
$TSM
···
Taiwan Semiconductor Manufacturing
MEDmala gaonkar·In Good Company with Nicolai Tangen·7 months ago· position
TSMC's process-engineering moat cited as systemic, multi-layered advantage
TSMC owns not just the leading-edge fab but the entire process-engineering ecosystem around chip manufacturing, creating a systemic moat that is hard to replicate.
"businesses like TSM that are well known that have really kind of corner in Taiwan kind of the process engineering aspects of that. So it's not really just about one thing it's all…"
21:37
$ANTHROPIC
Anthropic
LOWmala gaonkar·In Good Company with Nicolai Tangen·7 months ago
Anthropic building proprietary inference stack alongside Google and OpenAI
Major frontier model providers are each developing their own inference infrastructure, reinforcing the view that inference is a distinct, defensible layer.
"Google will have its own inference stack um open AAI uh anthropic and others"
22:26