Sohn Conference Foundation

Alex Silver

BWX Technologies combines a contracted, sole-sourced government business representing 75% of revenue with 400+ Navy nuclear cores built without a safety incident and scarce licensing and manufacturing capabilities.ANM’s thesis hinges on 4–5-year time-to-power, a potential mPower-based PWR white space, and more than 100% upside from about $200, but customer interest must de-risk any updated design.

Kevin Salimian

Kevin Soleymani argues Infineon is entering a multiyear growth and margin transformation as AI power semiconductors rise toward 16% of revenue by 2027 and 25% by 2029.Supply constraints, pricing above normal content growth, completed auto destocking, 60% in-house manufacturing, and Dresden support margins above consensus, with high-single-digit auto growth expected later this year and a €94 end-2027 target.

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.

Jonathan Ross × John Yetimoglu

Memory’s pricing power may be self-limiting: Deep Seek’s V4 reportedly compressed likely KV cache by 90%, while the proposed response is to build more memory fabs as bottlenecks attract solutions.The unresolved intelligence debate matters for AI economics, with agentic systems and self-training potentially favoring the smartest model despite humanly invisible differences.

Gavin Baker × Jas Khaira

Gavin Baker says every memory cycle signals “sell,” but this may resemble the mid-90s capacity cycle, leaving him taking the over on AI infrastructure forecasts.He sees TSMC constraining supply, Trainium 3 gaining significance, and neoclouds earning premiums through utilization, while orbital compute threatens terrestrial power and cooling industrials within two years.

Aravind Srinivas × Sebastian Mallaby

Perplexity's valuation reportedly rose from $9B in December to $14B five months later as its daily-use product targets Google's vulnerable search economics and browser distribution.The decisive battleground may be the omnibox, where an assistant combining navigation, answers, tasks and agents could redirect traffic, but execution may take at least half a decade and reliability remains a major brand-risk constraint.