Cyan Banister

Security has been a contrarian, underinvested category: relatively little money was going into it when Wiz was first funded and that is still true. Meanwhile AI, vibe coding and the range of things attackers can now build are expanding the attack surface, so demand for better security will keep rising. The $32B Wiz exit, the largest ever in the space, should finally make security a category investors treat as genuinely investable.

She deliberately sits out hype cycles at the application layer, where AI has made it so cheap to build that thirty teams now chase the same idea and much of the AI in consumer products is just a feature or table stakes. Instead she has invested in the layers underneath the AI build-out: power, compute and lithography. Until the space reaches a steady state and it is clear what comes next, she prefers owning the infrastructure everything else depends on rather than participating in the fast-moving consumer-facing wave.

Uber is the strategic asset of the robotaxi era because it supplies the global demand footprint that the autonomy players lack. She argues Tesla should simply buy Uber, which would cost only about 10 to 15 percent of Tesla's market capitalization. Whoever pairs with Uber, whether Waymo, Amazon or Tesla, is the one that defines who is number one, because rolling out autonomous taxis worldwide takes five to ten years and the global network is the hard part to build.