| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG |
Jason Calacanis
Host / Angel Investor |
Amazon executed 100,000 layoffs (mostly efficiency/UPS related) while maintaining/growing output. JCal calls it his "number one pick." This is the "Efficiency" trade. Large tech companies are using AI to consolidate job functions (e.g., one person doing the job of a PM, Designer, and Coder). Amazon is proving it can expand margins by doing more with less labor. Long. The company is successfully decoupling revenue growth from headcount growth. Regulatory scrutiny or consumer spending slowdowns affecting the retail side. | 33:55 | |
| LONG |
Brad Gerstner
Altimeter Capital / CEO |
The "Invest America Act" (Trump Accounts) is now law. Every child gets an account seeded with $1,000 in the S&P 500. 1.5 million families claimed accounts in 5 days. This creates a government-mandated, structural "bid" for US equities. It ensures a constant inflow of passive capital into the index for decades, effectively capitalizing the population. Long. Structural tailwinds for the broad US index. Political reversal of the law or broader macro recession. | 10:12 | |
| AVOID |
Brad Gerstner
Altimeter Capital / CEO |
Gerstner notes Salesforce (CRM) has compressed from 30x to 15x Free Cash Flow despite hitting revenue numbers. Sacks argues AI agents (like Claude Co-work) will work across applications, turning current SaaS tools into a commoditized "legacy infrastructure" layer. The market is discounting the terminal value of these companies. If AI agents can execute tasks across databases without a human needing a UI "seat," the per-seat pricing model collapses. The profit pool moves from the application layer to the agentic layer. Avoid or Short. The multiple compression is not a temporary dip but a structural repricing of future cash flow durability. These incumbents successfully pivot to become the "agentic workspace" themselves (e.g., Salesforce successfully monopolizing the agent layer). | 17:15 | |
| LONG |
Brad Gerstner
Altimeter Capital / CEO |
While application SaaS is crashing, Data Bricks and Snowflake (SNOW) are re-accelerating revenue growth (Data Bricks growing 60%+ at scale). AI models are useless without structured data. These platforms are the "picks and shovels" for the AI transition. Companies must clean and transform data in these environments before they can deploy agents. Long. Capital spend is shifting from front-end applications to back-end data infrastructure. Valuation concerns if the broader software sell-off drags down high-beta infrastructure stocks. | — | |
| LONG |
Brad Gerstner
Altimeter Capital / CEO |
SpaceX is merging with xAI (Elon's AI company) at a $1.25T valuation. Elon plans to launch solar-powered data centers in space within 30 months. Power is the hard constraint for AI scaling on Earth. By moving compute to space (unlimited solar, no NIMBY regulations), Elon creates a vertical monopoly on Energy + Launch + Compute. TSLA is the public proxy for the "Musk Ecosystem." Long. This is a bet on the only entity capable of bypassing Earth's energy constraints. High execution risk (physics/engineering challenges) and potential regulatory pushback on one man controlling global compute. | — |