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cover of episode Coatue’s Laffont Brothers. AI, Public & VC Mkts, Macro, US Debt, Crypto, IPO's, & more | BG2

Coatue’s Laffont Brothers. AI, Public & VC Mkts, Macro, US Debt, Crypto, IPO's, & more | BG2

2025/6/20
logo of podcast BG2Pod with Brad Gerstner and Bill Gurley

BG2Pod with Brad Gerstner and Bill Gurley

AI Deep Dive AI Chapters Transcript
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Bill Gurley
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Brad Gerstner
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Philippe Laffont
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Thomas Laffont
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Bill Gurley: 我认为Philippe对人工智能的乐观程度达到了十年来的最高点，特别是他对AI超级周期以及AI在总市值中占比的预测，这非常具有启发性。他将AI与工业和交通运输进行比较，挑战了AI已经足够大的观点。 Philippe Laffont: 我总是对乐观感到担忧，担心这可能是顶峰。然而，我认为AI是我们将要看到的最大的技术趋势。过去的趋势是相互构建的，AI也不例外。我们应该回顾历史，即使是新趋势，也应该参考过往的经验。现在科技占比约50%，应该重新分类某些行业，例如将半导体公司归类为TMT或公用事业。 Thomas Laffont: 我观察到Mag7的表现平平，但顶级AI公司的价值增长显著。CoreWeave等AI纯粹公司在公开市场中发展积极，这表明市场对AI的关注正在增加。将比特币视为公司来评估其市场价值很有趣，我们应该关注其市场份额。 Brad Gerstner: 我认为科技在全球GDP中的占比将持续增长。新的AI参与者正在涌现，Mag7表现不佳，但AI相关的软件和半导体表现良好。公开市场机构对高风险资产的接受度较低，而私募市场投资者更愿意承担风险。保持思维的灵活性非常重要，尤其是在投资领域。

Deep Dive

Chapters
The Laffont brothers share their optimistic outlook on the AI super cycle, comparing it to past tech waves and highlighting its potential to become a dominant force in the global economy. They also discuss the underperformance of the Mag 7 and the emergence of new AI companies.
  • AI is the biggest tech trend, built upon previous waves.
  • The Mag 7 underperformed while AI-related companies thrived.
  • New AI entrants like CoreWeave are pure plays on the trend.

Shownotes Transcript

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they welcome Coatue’s Thomas and Philippe Laffont to discuss the AI Super cycle, Stablecoin and crypto, consumer AI, NVIDIA GPU’s, Macroeconomics, publc markets, VC markets, M&A’s, insights for founders and CEO’s, and more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(02:36) The AI Super Cycle

(07:47) Stablecoin & Cryptocurrency

(16:19) Consumer AI & Impact on $GOOG

(22:54) GPU Allocation v Cloud Revenue Market Share

(28:56) AI Impact on Macro + Debt

(35:20) Private Markets, IPO’s, M&A’s

(45:59) Golden Age of Margin Expansion

(51:48) Jevon’s Paradox

(53:19) Insights for Founders and CEOs

Show Notes:

Coatue EMW 2025 Slides)

Available on Apple, Spotify, www.bg2pod.com)

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley)

BG2 Pod @bg2pod https://x.com/BG2Pod)