Philippe Laffont

Owning semiconductor equipment suppliers like ASM is a way to get exposure to the AI chip buildout without picking which chipmaker will win. All GPU and AI chip makers—Nvidia, Amazon, Google, newcomers—need the same advanced fabrication equipment, making semicap stocks a high-conviction downstream bet on the entire AI semiconductor supply chain.

GE Vernova's turbine business is undergoing a structural shift because data centers are a brand-new, non-cyclical customer base; large tech companies like Amazon, Facebook, and Google are signing orders to power AI infrastructure. He met the CEO, saw the opportunity early, and the stock has tripled since. The market still may not appreciate how much power AI data centers will need.

Space is a very large long-term economic opportunity where mining, tourism, telecom, and data centers will all migrate off-planet. SpaceX is the leader in this space economy; despite short-term share price volatility, he plans to hold his position because space is likely to quadruple over the next 20 years and SpaceX could become a multi-trillion-dollar company.

Artificial intelligence represents the third major economic era after the industrial and information ages; intelligence will become a utility for $50-100/month, driving massive productivity gains through agents that work like thousands of people for you. This is one of the biggest investment ideas of his career, with potential for companies to reach $10 trillion market caps in the intelligence age.