Sourcery

Molly O'Shea × Lior Susan

Eclipse is targeting the physical economy—about 85% of global GDP, or $100 trillion—where deglobalization, supply-chain vulnerability, government support, and customer demand are reopening neglected opportunities.With about $12.5 billion in AUM, roughly 90 portfolio companies, and 30 it helped build, its operators-with-capital model links CapEx, manufacturing, policy, and systems execution, while its free-cash-flow focus and non-formulaic incubation leave execution, timing, and repeatability as key variables.

Tony Kim × Molly O'Shea

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.

Tony Kim × Molly O'Shea

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.

Everett Randle × Molly O'Shea

AI is breaking the spreadsheet playbook: billion-dollar businesses can still lack unit economics or durable differentiation, and scale may increase impairment risk.Inference monetization can drive revenue from 1 to 30 to 300, while agents shift purchases toward intelligence or economic output.Frontier labs retain pricing power if recursive self-improvement works, but face a 95%-as-good open-source squeeze if capabilities plateau.