Thomas Laffont: The $4T AI IPO Wave, 2026's Unicorn Economy, and the 10X Paradox
(0:00) Coatue's Thomas Laffont joins the Besties!
(0:30) Public markets are back as AI is dominates the "Unicorn Economy"
(5:15) The $4T AI IPO explosion
(7:48) The case for SpaceX: Compounding launch monopoly and Starlink
(10:38) The 10x Paradox: Why we're seeing unprecedented scaling
(15:33) Segmenting AI markets and future impact
(18:32) Bestie Q&A: Power Law in AI, future of VC, where revenue is coming from, liquidity explosion
Thanks to our partners for making this possible!
EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value.
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Intro Music Credit:
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IPOs and SPACs are Back, Mag 7 Showdown, Zuck on Tilt, Apple's Fumble, GENIUS Act passes Senate
(0:00) The Besties welcome Thomas Laffont!
(3:26) State of LA, Hollywood's decline, positivity around GDP growth and AI productivity
(10:19) Zuck on tilt over AI: $100M offers, Scale AI deal, hiring spree
(23:58) Mag 7 AI Showdown: Ranking the most likely AI winners, biggest stock divergences, and more
(42:41) Why Apple is fumbling AI and how they can fix it?
(57:02) IPOs and M&A heating up in 2025
(1:16:18) State of liquidity: SPACs, Direct Listings, and more
(1:25:40) Amazon's "kingmaker" position, job displacement
(1:37:47) Sacks joins to discuss the GENIUS Act passing the Senate
(1:52:13) Animal trailer
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Animal Trailer:
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Intro Music Credit:
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Intro Video Credit:
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Referenced in the show:
https://techcrunch.com/2025/06/17/sam-altman-says-meta-tried-and-failed-to-poach-openais-talent-with-100m-offers
https://www.cnbc.com/2025/06/10/zuckerberg-makes-metas-biggest-bet-on-ai-14-billion-scale-ai-deal.html
https://www.nytimes.com/2025/06/12/technology/meta-scale-ai.html
https://scale.com/blog/scale-ai-announces-next-phase-of-company-evolution
https://www.reuters.com/business/meta-talks-hire-former-github-ceo-nat-friedman-join-ai-efforts-information-2025-06-18
https://techcrunch.com/2012/09/11/mark-zuckerberg-our-biggest-mistake-with-mobile-was-betting-too-much-on-html5
https://www.reuters.com/technology/china-launch-new-40-bln-state-fund-boost-chip-industry-sources-say-2023-09-05
https://x.com/JoannaStern/status/1933564098291048764
https://www.youtube.com/watch?v=wCEkK1YzqBo
https://x.com/chamath/status/1932157508698919320
https://www.renaissancecapital.com/IPO-Center/Stats/Pricings
https://www.aboutamazon.com/news/company-news/amazon-ceo-andy-jassy-on-generative-ai
https://x.com/chamath/status/1935369326321877153
https://x.com/chamath/status/1935740807925100853
https://www.google.com/finance/quote/COIN:NASDAQ
https://www.google.com/finance/quote/SPOT:NYSE
https://x.com/ylecun/status/1935108028891861393
https://x.com/ben_j_todd/status/1934284189928501482
https://apnews.com/article/election-2024-senate-ohio-brown-moreno-74c4b91e5866215d4201377fefcadad0
https://companiesmarketcap.com/microsoft/revenue
https://apnews.com/article/election-2024-senate-ohio-brown-moreno-74c4b91e5866215d4201377fefcadad0
https://www.youtube.com/watch?v=8NNW5r63oXU
Coatue’s Laffont Brothers. AI, Public & VC Mkts, Macro, US Debt, Crypto, IPO's, & more | BG2
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they welcome Coatue’s Thomas and Philippe Laffont to discuss the AI Super cycle, Stablecoin and crypto, consumer AI, NVIDIA GPU’s, Macroeconomics, publc markets, VC markets, M&A’s, insights for founders and CEO’s, and more. Enjoy another episode of BG2!
Timestamps:
(00:00) Intro
(02:36) The AI Super Cycle
(07:47) Stablecoin & Cryptocurrency
(16:19) Consumer AI & Impact on $GOOG
(22:54) GPU Allocation v Cloud Revenue Market Share
(28:56) AI Impact on Macro + Debt
(35:20) Private Markets, IPO’s, M&A’s
(45:59) Golden Age of Margin Expansion
(51:48) Jevon’s Paradox
(53:19) Insights for Founders and CEOs
Show Notes:
Coatue EMW 2025 Slides
Produced by Benny Beausoleil
Music by Yung Spielberg
Available on Apple, Spotify, www.bg2pod.com
Follow:
Brad Gerstner @altcap https://x.com/altcap
Bill Gurley @bgurley https://x.com/bgurley
BG2 Pod @bg2pod https://x.com/BG2Pod
Trump's First Week: Inauguration Recap, Executive Actions, TikTok, Stargate + Sacks is Back!
(0:00) The Besties intro Thomas Laffont!
(6:22) Behind the scenes: Inauguration Weekend recap!
(15:58) Biggest takeaways from DC during the Inauguration
(31:38) Trump Executive Action breakdown
(33:39) TikTok's grace period extended, valuing the business, US new equity strategy?
(57:01) Jan 6th pardons, birthright citizenship
(1:09:49) Stargate: $500B AI investment, is Masa the GOAT?, bull case for OpenAI
(1:23:41) How electricity production capacity plays into the global AI race
(1:36:20) Netflix's stock rise correlates with some alarming societal trends
(1:47:40) BREAKING: AI/Crypto Czar David Sacks joins to discuss the President's three new EOs
Follow the besties:
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Intro Music Credit:
https://rb.gy/tppkzl
https://x.com/yung_spielburg
Intro Video Credit:
https://x.com/TheZachEffect
Referenced in the show:
https://x.com/dontcallmeraylo/status/1882444994264629402
https://x.com/craigkellyXXX/status/1882170281722339700
https://www.wdsu.com/article/donald-trump-executive-orders-inauguration-parade/63486993
https://www.whitehouse.gov/presidential-actions
https://www.nytimes.com/2025/01/21/us/trump-birthright-citizenship.html
https://constitution.congress.gov/constitution/amendment-14
https://avalon.law.yale.edu/18th_century/fed74.asp
https://x.com/OpenAI/status/1881830103858172059
https://x.com/sama/status/1882106524090482701
https://x.com/GavinSBaker/status/1882081746877063677
https://x.com/elonmusk/status/1881923570458304780
https://x.com/elonmusk/status/1882303826214162580
https://x.com/satyanadella/status/1882340818289307954
https://x.com/GregKamradt/status/1881762305152872654
https://x.com/chamath/status/1881773205498876255
https://x.com/documentingbtc/status/1882530869010989287
https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology
https://www.whitehouse.gov/presidential-actions/2025/01/removing-barriers-to-american-leadership-in-artificial-intelligence
https://www.whitehouse.gov/presidential-actions/2025/01/presidents-council-of-advisors-on-science-and-technology
https://www.goodreads.com/quotes/489251-in-this-age-in-this-country-public-sentiment-is-everything
https://x.com/SpeakerJohnson/status/1882083118032846868