The truth is there are far fewer AI-maxis within the investing class than you might otherwise think. Plenty of bottleneck bros. Lots of hyperscale truthers. Abundant semiconductor enjoyers. Infinite momo lovers. But people who have actually glimpsed the future because they can think non-linearly and instantly understood Leo’s message back in mid-2024… an incredibly small handful. The most fascinating part has been that neither Claude Code or Astra changed this. The same people who can think abstractly before the proofpoint continue to be able to after. And everyone else still needs to be spoon fed. I’d estimate within the TMT L/S community sub-5% are true maxis. And no Coatue isn’t maxi. Neither is Gavin who I respect the fuck out of. But he’s rationally optimistic but cautious. Maxi’s start with the assumption that models can be scaled up well past human intellect at a pace that the human mind can’t project and the economic value of that scale up is exponentially larger than existing gdp. Human bottlenecks are irrelevant as models get smarter. And with that north star we work backwards because path function matters and we have to pay rent until the robots are made. It’s a very different headspace vs starting with the premise that hyperscalers are likely to milk a couple hundred billion in cloud revs if this all goes to shit.