Ron Baron

SpaceX is at least 10 years ahead of all competitors in rockets, satellites, and networks. It has the largest cohesive compute cluster in the world, giving it control over the barrier to AI growth. The company's Starlink will become the internet for the entire planet, while its compute business will generate massive recurring revenue from AI companies that can't replicate its infrastructure. Revenue could reach $1 trillion by 2030 from $19 billion last year, and the stock will produce hundreds of billions of dollars of gains.

Tesla will continue to appreciate significantly, expecting to make five times the current profit from their investment over the next ten years.

FactSet is a deeply undervalued turnaround story. The stock dropped from $500 to $200, and Baron Capital has been buying aggressively. The new CEO, a top former JPMorgan executive nearly succeeding Jamie Dimon, is embedding FactSet's services into clients' workflows with proprietary data that cannot be replaced by AI. The company uses low-priced commodity services to gain entry and then sells high-value, irreplaceable solutions. Management is buying back stock heavily, and the narrative that AI will destroy the company is wrong—FactSet is an AI enabler.

MSCI is an amazing business with proprietary data that the market mistakenly sold off on AI replacement fears. The company, led by founder and chairman Henry Fernandez, is expanding into private markets data and providing critical, irreplaceable information to hedge funds and investors. AI large language models will likely become customers rather than competitors, enabling MSCI to grow. Baron Capital owns over a billion dollars and views the recent selloff as a buying opportunity.