SHOW DIRECTORY
Sourcery
Molly O'Shea interviews leading investors, CEOs, and founders about technology companies, markets, and company building.
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BlackRock's Tony Kim on AI's Next Winners?
AI has shifted value toward chips and hardware, with Kim estimating $30T+ there versus roughly $10T across software/services/internet.Base compute has jumped 10,000×, while the rebuild may require a trillion dollars this year and ten trillion over five years.Token factories may compress SaaS margins; memory and foundation-lab IPOs are watchpoints as Kim says his thesis may change.
RKLB Factory Tour: Satellites, Spacecraft & Mission Control
Rocket Lab’s signal is capital efficiency: Electron reached orbit for under $100M with 80 people, while Beck says Richard Branson put $1.2B into Virgin Orbit before bankruptcy.Its moat extends beyond launch into spacecraft components, where a small, fractured supply chain makes end-to-end ownership difficult to replicate.Execution is the monitor: 12-year radiation-heavy missions, acquisitions, Neutron, and national-security work.
Inside Rocket Lab w/ CEO Sir Peter Beck: Record Earnings, Neutron, Flatelittes
Rocket Lab posted record revenue, nearly $1 billion of backlog, and acquisitions extending its reach beyond launch.Beck calls launch and supply-constrained components its strongest moats, while Iridium adds profitability immediately and time for a new constellation.Neutron’s key milestone is the 10th rocket on the pad, not first flight, as delays raise the risk of a two-year gap.
Inside AppLovin’s $100B Ad Engine
Molly O'SheaAdam ForoughiGiovanni Ge
AppLovin rebuilt after a 92% post-IPO drawdown around Axon 2, with EBITDA run rate now over $7 billion.Semantic embeddings replaced Axon 1’s hundreds of thousands of if/else branches, improving extrapolation and lowering GPU costs while e-commerce showed decent ROAS on a premature model.Reaching a trillion-dollar valuation requires over $30 billion in annual cash flow, putting category expansion and creative execution under scrutiny.
BlackRock's Tony Kim on AI's Next Winners? Chips, Memory, Robotics & Quantum
AI has reset the market toward compute hardware, with Kim estimating more than $30T in chips and hardware versus roughly $10T in software, services, and internet.The resulting $1T of CapEx this year and $10T over five years is moving data centimeters and millimeters, but three-to-four-year fab cycles face memory shortages, making 2030 milestones such as quantum and orbital data centers key watchpoints.