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Invest Like the Best
Deep conversations with investors, founders, and operators about business quality, capital allocation, strategy, and enduring competitive advantage.
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Why the AI Boom Is Just Getting Started
Patrick O'ShaughnessyAlex Sacerdote
Anthropic’s agentic coding release helped reverse Whale Rock’s view, supporting its August 2025 investment at the $180 valuation after it passed on the $60B round.Enterprise AI is less than 1% penetrated, yet Anthropic has only half the compute it needs, while a three-horse model oligopoly and infrastructure bottlenecks support monitoring adoption, supply, and the risk that open source catches up.
Gavin Baker - Watts and Wafers - [Invest Like the Best, EP.473]
Patrick O'ShaughnessyGavin Baker
Anthropic added $11 billion of ARR in one month, while Asian AWS prices doubled, GPU availability fell, and DRAM went vertical as reasoning increased inference demand.Baker sees compute-constrained revenue upside, but TSMC capacity remains the key test for whether AI becomes an infrastructure bubble.