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Invest Like the Best · August 4, 2026 · 1h 5m

Gavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]

Gavin Baker

Gavin Baker, founding partner and CIO of Atreides Management, returns for his seventh conversation on Invest Like the Best. He discusses the disconnect between public market AI stock performance and the continued AI investment on the ground in Silicon Valley, as well as dynamics in GPU pricing, memory supply, and the strategic importance of SpaceX's orbital compute ambitions. The conversation was recorded at Benchmark's famous table.

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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Market-Silicon Valley Disconnect
Public AI stocks have declined over the past month, but Gavin sees no slowdown in actual AI development and investment in Silicon Valley.
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Contracted vs. Spot GPU Pricing
Gavin analyzed the dynamics between long-term contracted GPU prices and short-term spot market prices for AI compute.
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Game Theory of Memory Supply Agreements
Gavin explored the strategic game theory behind memory supply agreements in the AI semiconductor industry.
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Claude as Walter Cronkite of the Stock Market
Gavin described how the performance of Anthropic's Claude model has become a real-time indicator for market sentiment on AI.
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SpaceX and Orbital Compute
The conversation turned to SpaceX and the concept of orbital compute — putting data centers in space.
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Misc

✧Recorded at Benchmark's famous table.
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