Everyone is asking which AI company will win. Lucas Swisher thinks investors are asking the wrong question.<br><br>The biggest opportunities won&#x27;t necessarily come from picking a single model or application. They&#x27;ll come from understanding where durable advantages are created across the AI stack. Drawing on Coatue&#x27;s investments in companies like OpenAI, Anthropic, Databricks, and SpaceX, Lucas explains why talent compounds, why data infrastructure may outlast today&#x27;s application boom, why companies become harder—not easier—to disrupt as they scale, and how AI is reshaping the economics of software, semiconductors, and enterprise technology.

E402: $92B Coatue: Where the Value in AI Will Accrue 

How I Invest with David Weisburd

[SPEAKER_01] Today's guest is Lucas Swisher, Co-Head of Growth Investing at Co2, Investors in OpenAI, Anthropic, Databrooks, Cursor and Harvey. Today, the biggest question in AI isn't whether the technology works, it's who captures the value. Lucas explains why the biggest opportunities in AI may not be where investors are looking. Without further ado, here's my conversation with Lucas. So if two years from now, GPT-7 comes out, and it's dramatically better than GPT-t today.

[SPEAKER_00] Lucas, are application companies cooked? Lucas, MD, PhD I think this is a great question. It's obviously something we think about a lot. Lucas, MD, PhD I mean, we're very large investors in Anthropic, OpenAI, and also some of the application companies, right? Lucas, MD, PhD Cursor, which was just announced that it's acquired by SpaceX. Thank you. Lucas, MD, PhD As well as other companies like Harvey and Open Evidence. Lucas, MD, PhD And I think we think about the world that it's not black and white like this, right? Lucas, MD, PhD That if Anthropic's models or OpenAI's models continue to get incredibly better and you

[SPEAKER_00] continue to see improvements over time that all of a sudden the application layer vanishes. We're not sort of doomsdayers on the application layer. How I think about it is it's almost like a bar chart. If you're to imagine like the x-axis are all the use cases, right? So you think like legal, medical, HR, finance, all the way out to like some operating system for car washes. Obviously, the language models are going to have some advantages and some and some advantage and not really have other advantages and

E402: $92B Coatue: Where the Value in AI Will Accrue

Read the full transcript

The candid version is on a podcast,
not the earnings call.

E402: $92B Coatue: Where the Value in AI Will Accrue

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.