E402: $92B Coatue: Where the Value in AI Will Accrue
Everyone is asking which AI company will win. Lucas Swisher thinks investors are asking the wrong question. The biggest opportunities won't necessarily come from picking a single model or application. They'll come from understanding where durable advantages are created across the AI stack. Drawing on Coatue's investments in companies like OpenAI, Anthropic, Databricks, and SpaceX, Lucas explains why talent compounds, why data infrastructure may outlast today's application boom, why companies become harder—not easier—to disrupt as they scale, and how AI is reshaping the economics of software, semiconductors, and enterprise technology.
Highlights:
- Why the AI application layer is far more resilient than many investors believe.
- The two AI infrastructure layers Lucas believes will generate the most enduring returns.
- Why companies above $10B may actually produce better venture outcomes than earlier-stage startups.
- How OpenAI and Anthropic continue extending their lead despite rapid industry innovation.
- Why talent has become the ultimate competitive moat in AI.
- How Coatue thinks about NVIDIA, custom silicon, and the next generation of chip companies.
- Why AI is making high-performing organizations more productive instead of replacing them.
- The biggest mistakes investors are making during today's AI investment cycle.
Guest Bio:
Lucas Swisher is a General Partner at Coatue Management, where he co-leads growth investing and software investing with a focus on AI, enterprise software, and cybersecurity. He has helped oversee Coatue's investments in OpenAI, Anthropic, SpaceX, and Databricks. Previously, he worked at Kleiner Perkins, Insight Partners, and Delivery Hero, and graduated from Harvard University.
Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at [email protected].
We’d like to thank AlphaSense for sponsoring this episode!
Sponsor:
AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.
Stay Connected with David Weisburd:
X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Pierce: https://www.weisburdcapital.com/
Stay Connected with Lucas Swisher:
LinkedIn:https://www.linkedin.com/in/lucasswisher/
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
Disclaimer:
This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Pierce. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.
Chapters
| 0:00 | |
| 0:38 | |
| 2:01 | |
| 5:29 | |
| 11:13 | |
| 16:40 | |
| 19:24 | |
| 26:13 | |
| 35:17 | |
| 37:43 | |
| 44:52 | |
| 48:00 | |
| 53:44 | |
| 57:26 | |
| 59:39 | |
| 1:01:05 | |
| 1:02:36 |
Transcript
Loading transcript...