“It really started to look like a three-horse race and somewhat of an oligopoly. Very similar to how the cloud market evolved, where three companies underpin the entire SaaS cloud world and have really excellent businesses.”
Source→“Anthropic kind of was this dark horse candidate, the startup. They focused really purely on the enterprise. OpenAI had kind of won the consumer. Anthropic has something like 14 or 15 million DAUs... Claude Code has gone to almost completely agentic.”
Source→“We did a 90-page PowerPoint deck where we used Claude Code to scour the internet for all the feedback we could about the coding market and what their products were good at, where they might need to improve. And we also did our whole overview of what the coding market would be. They welcomed us into this round.”
Source→“When we were buying NVIDIA in 2023, we were paying four times earnings.”
Source→“We noticed they were the sole supplier of the Google TPU server three years ago. The stock was trading at eight times earnings... They've got like 50, 60 percent share of the cloud Ethernet switch market, which is a crucial market for AI because AI is incredibly network intensive.”
Source→“We also own Elite Materials, which makes the leading ingredient, which is copywriting, copper clad laminate, which goes into these boards. The PCB units are growing. The layer counts are rising. So you've got like a 50 to 60 percent CAGR just in the units.”
Source→“Corning, they make the fiber. They've got some ridiculously high share of the fiber... I was reading this Microsoft data center they just built. There's enough fiber to circle the world four and a half times in that one thing.”
Source→“We owned Adyen, which is a fantastic payments company... you can't invest in Adyen unless you know Stripe like the back of your hand... we realized this is Coke and Pepsi.”
Source→“WhaleRock's first private investment (2020, at $35B valuation).”
Source→“Gemini can never be counted out. We love Google as well. It's one of our largest positions.”
Source→“We really were watching Brett Taylor at Sierra... He's building this fantastic company called Sierra. We're not involved. But that's where the rubber hits the road.”
Source→“They developed a great relationship with Adam Ferrogi. He's one of the best managers out there.”
Source→“We commissioned this gentleman, Horace Dadu, used to work with Clayton Christensen to go look in history. And we have the big S curves on our wall over the last 100 years.”
Source→AI-extracted from podcast / newsletter / paper summaries. May contain errors.