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Invest Like the Best · June 9, 2026 · 1h 11m

Alex Sacerdote - How to Invest Through Technology Cycles

Alex Sacerdote
Show Notes

Alex Sacerdote, founder of Whale Rock Capital Management, discusses his framework for investing through technology cycles. Over 20 years, he's refined a single investment lens focused on technology S-curves, durable competitive advantages, and underappreciated earnings power. The conversation works through the entire AI stack—from chips to models to applications—using his highest conviction position in Anthropic as a case study. Whale Rock has compounded at roughly 44% annually over the past three years.

This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.

Highlights

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Technology S-Curves as Investment Framework
Sacerdote invests by identifying technology S-curves—periods when new technologies rapidly gain adoption and create value—and positions in companies across the stack.
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Durable Competitive Advantages Drive Long-Term Returns
Sacerdote focuses on companies with moats—defensible positions that protect margins and market share against competition.
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Underappreciated Earnings Power as Hidden Value
Sacerdote seeks companies whose earnings potential is not yet reflected in their stock price—situations where the market has mispriced growth or profitability.
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Editorial

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AI Stack Analysis: Chips, Models, Applications
Rather than betting on a single AI winner, Sacerdote analyzes the entire ecosystem—from semiconductor manufacturers to model developers to application layer companies.
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Single Lens, Twenty Years: The Power of Conviction
Sacerdote has refined one investment framework over two decades rather than chasing multiple strategies, allowing him to develop deep expertise and conviction.
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Misc

✧Whale Rock manages $17B+ across hedge fund, long-only, and hybrid strategies
✧Top-performing hedge fund over past three years (44% CAGR)
✧Single investment lens refined over two decades suggests deep conviction and discipline
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