Thomas Laffont

Thomas Laffont

AI has made the unicorn economy healthier but sharply more concentrated: funding per unicorn is up 5x since 2021, and a private “Magnificent Eight” approaches $4 trillion ahead of a possible liquidity event.OpenAI and Anthropic could exceed AWS by year-end and potentially all of Microsoft by 2028, while SpaceX’s recurring constellation revenue supports a platform thesis; public-market scrutiny and a possible price war remain unresolved.

Thomas Laffont × Molly O'Shea

Anthropic’s raise saw projections and business scale move materially within months, while board decks show AI-tool spending expected to at least triple next year.With the Mag 7 flat and Microsoft shedding almost $1 trillion, SpaceX, OpenAI, Anthropic, Revolut and Databricks could reshape the index, while SaaS faces reacceleration, multiple compression, and harder-to-control terminal value.

Chamath Palihapitiya × Jason Calacanis × David Friedberg × Thomas Laffont × David Sacks

Meta is treating AI as a threat to perhaps half of its $1.7 trillion value, pairing reported $100 million talent offers with a $14 billion-plus Scale AI stake.That insurance addresses labeling and agent knowledge, but Chamath says Meta still lacks tightly coupled compute and silicon, making infrastructure integration the key risk as the Mag 7 separates into distinct AI wagers.

Bill Gurley × Brad Gerstner × Thomas Laffont × Philippe Laffont

Coatue’s joined receipt data shows ChatGPT subscriptions coincided with Google page views falling 8% YoY, after pre-subscription growth of roughly 4% annually, despite no built-in virality.Cloud revenue shares diverge sharply from Nvidia GPU allocation—AWS has 44% of cloud revenue but roughly 20% of GPUs, versus Oracle’s 5% and 19%; whether this reflects AI lag, different silicon, or Nvidia concentration limits remains crucial.

Chamath Palihapitiya × Jason Calacanis × David Friedberg × David Sacks × Thomas Laffont

Trump’s opening week reset national strategy around energy, technology and private capital, with DOGE confronting agencies’ spending incentives and Stargate proposing $500 billion for AI infrastructure.The decisive tests are whether compute earns an adequate return, whether electricity and nuclear deployment can scale, and whether TikTok’s proposed ownership structure avoids government picking winners.