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.

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.

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.