Sohn Conference Foundation

Patrick O'Shaughnessy × Gavin Baker

Anthropic added $11B of ARR in March while tech reached its cheapest relative valuation in 10 years, making the drawdown a differentiated demand signal rather than a capitulation event.At a rumored $900B on $50B ARR, Baker estimates unconstrained run-rate revenue of $100–200B, while TSMC’s capacity choices remain the key bubble test and orbital compute threatens terrestrial power-and-cooling ramps.

Sports franchises combine unusually durable fan loyalty with three monetization channels—tickets, sponsorship, and media—while Alexis is still buying women’s and emerging-sport properties at sub-$100M, seed-round-like prices.Mark says current basketball-team returns may be only “3 or 4%” because owners reinvest to win, but rising franchise values and potential streamer demand for guaranteed live attention over 5–10 years create upside to monitor.

Soren Aandahl × Joyce Meng × Zachary Datikash × Jim Chanos

“Fake AI” screens, private-capital crowding, and AI’s potential to commoditize software and white-collar services define the panel’s differentiated short signals.Evidence ranges from unverifiable AI claims and 1%-terminal-growth DCF sensitivity to three Mister Car Wash locations within one mile and software rivals adding features overnight.Catalysts remain uncertain: AI’s timing and duration, narrow breadth, and potentially stretched sponsors warrant monitoring.

Orlando Bravo × Leslie Picker

Bravo argues domain software incumbents—not only AI-natives—are positioned to deliver the agentic enterprise after 20–30 years automating workflows.Leadership and 5-to-1 ROI, not data or system-of-record status, are the durable edge; retention has held despite AI disruption.Key watchpoints are agentic ROI, exits, and refinancing as leverage falls from 7–7.5x to 5x and spreads widen 250bps.

Gerard Piqué × Djamel Agaoua × Harley Miller

Kings League turns football into a 7v7, video-game-like product distributed free through 12 streamer-owned franchises, giving each club an audience from day one.Revenue doubled twice across three years, the business was profitable in its first two years, and leagues break even in their second six months, while the US launch planned for February 2026 will test franchise sales with partial equity.