Gavin Baker

Anthropic→Commentary

“I think Anthropic is worth $3 trillion today, and it's very important.”

NVIDIA→Commentary

“NVIDIA is the American open source champion. They can release GLM 5.2 or better whenever they want.”

Cerebras Systems→Commentary

“I would focus, as an investor, I think what matters here is not where they sit competitively, not what new demand they can bring on, but just how quickly can they bring on power.”

Micron Technology→Commentary

“these stocks still trade or cross-sectionally cheap relative to the rest of AI. Something I've been thinking about, memory is DRAM is probably going to be 30% to 40% of all hyperscaler CapEx next year.”

SpaceX→Commentary

“the newest version of Groq 4.3 is on the Pareto frontier for all frontier models. And you're either on the frontier or you're not. And the companies on the frontier are xAI with one build of Groq 4.3... Google 3.1 Pro, and then OpenAI and”

SpaceX→Commentary

“they build data centers dramatically faster than anyone else. At a lower cost. And now that you have a clear offtake partner, and I would expect partner to become partners, there is no reason they can't start stamping these data centers”

Anthropic→Commentary

“The success is extraordinary. It's undeniable. I think the fact that they are now— they were EBIT positive per the Wall Street Journal in the most recent quarter— is a really important fact for kind of the whole AI narrative.”

Nvidia→Commentary

“I think NVIDIA is probably at a low teens multiple of kind of low to mid-teens multiple of real earnings. That'd be a buy-side consensus, not a trader's number.”

Cursor→Commentary

“this jump from Composer 2 to Composer 2.5 showed us is that when you do an appropriate amount of reinforcement learning using that data... this is 3 or 4 weeks and it is Pareto dominant.”

CoreWeave→Commentary

“those older GPUs, they have a useful life for 10 or 15 years. And this means that you can finance GPUs. I think Corey's lowest financing, I can't forget if it's 6 or 7%. 6%. It's going to come down.”

“NG1. It is down this year. The input cost for electricity in the rest of the world...LNG is a very important one, and it's up 100%, 200%. And so the Strait of Hormuz is absolutely bad for everyone, but relatively good for America.”

OpenAI→Commentary

“this is the first time that OpenAI has not been able to clearly beat a competitor on all metrics, you know, a month after a new frontier model was kind of released from one of their chief rivals.”

Meta→Commentary

“Meta just reported a quarter with revenue significantly ahead, and I think a lot of that was due to AI, AI making people spend longer and AI improving the quality of their ad targeting systems such that advertisers get a better ROAS and”

NVIDIA→Commentary

“one of the biggest problems with GPUs and, you know, AI data centers is the GPUs are used so intensively that they melt. So all of the dollars that are going into the ground are being used. We're not building ahead of demand. In fact,”

Apple→Commentary

“I'm just shocked at their inaction and ineptitude in AI, how bad the products are from a user perspective. I mean, they're, they're terrible... it almost feels like they're trying to lose.”

SpaceX→Commentary

“I would say this is the biggest leapfrog we've seen in quite some time... it did roughly twice as good as, you know, the state-of-the-art Google, OpenAI, and Anthropic models. And then on humanity's last exam, you know, we can call it 50”

NVIDIA→Commentary

“it's a smart decision for America to sell this chip that gives America advantage in AI and keeps China from developing kind of their own domestic alternatives, which could eventually kind of challenge, you know, NVIDIA, AMD, you know,”

“natural gas is great, nuclear is great, solar is great, batteries are great. We need it all... If we do not significantly increase kind of domestic energy production and electricity generation, we're already at a disadvantage to China.”

“something that I think makes a lot of sense particularly since OpenAI bought Johnny Ive's hardware startup, which will place them into competition with Apple at some point, is xAI and Apple are natural partners.”

Nvidia→Commentary

“Blackwell is going to be a very successful product cycle. There is a little bit of a prisoner's dilemma where you're going to spend on Blackwell almost no matter what, because if you don't, you are afraid that you cede a big advantage to a”

CoreWeave→Commentary

“I do think CoreWeave runs these big GPU clusters as well as anyone, and there aren't that many people on planet Earth who can run them well. And it's kind of easy. You can just look at the NPV of their contracts and the asset value.”

Tesla→Commentary

“I think FSD works today and it's gonna— it's, it's gonna cross into mainstream adoption where I already notice, particularly if I'm taking an Uber late at night, I really, really prefer to have a Tesla… I think it's going to continue compou”

OpenAI→Commentary

“The best information I have is the largest cluster Microsoft has after panicking is still smaller than xAI's cluster in Memphis... I do think a lot of talent has left OpenAI. I thought it was a really shocking statement from Mira Murati”

SpaceX→Commentary

“Grok 3 should take the lead if scaling laws hold in January or February... My firm is an investor in FCI.”

Nvidia→Commentary

“You can argue that Elon doing that in a lot of ways kind of saved NVIDIA from a tough 6-month period when Blackwell was delayed, because everyone who was waiting for Blackwell... rushed out and bought a lot of hoppers to try and do it”

Google→Commentary

“Meta and Google have shown the best ROIs on AI.”

MicroStrategy→Commentary

“I think a lot of hedge funds are short MicroStrategy, but I have no horse in the race. But his, the underlying business that pays the interest expense on the debt only does $400 million a year in revenue and it's high gross margin revenue.”