저자: CathieWood · 외국인
요약 보기
AI 인프라·플랫폼(PaaS) 레이어가 아직 초기 성장 단계라며, SaaS는 범용 소프트웨어라 AI에 의해 지속적으로 잠식된다고 주장. 팔란티어를 추가 매수했고, 엔비디아·CoreWeave 등 인프라주에 대한 시장의 공포는 과도하다고 봄. 아마존의 합성생물학 파트너십(Twist, Ginkgo)을 근거로 멀티오믹스 AI 관련 바이오 관련주를 다시 확대 매수 중이라고 밝힘. 머스크의 컴퓨팅 수요 전망에 동조하며 2030년대 초반까지 용량 부족이 이어질 것으로 봄.
다듬은 글
So, the infrastructure layer, layer, so that would be data centers and chips, the platform as a service layer, which the poster child for that is in the public equity markets is Palantir, and we know that OpenAI with its new frontier model would like to get into that market as well. And then the third, the third was applications.
Applications are where SaaS resides. SaaS, and I know a lot of people are calling this the SaaS copilot or disaster. Yeah, the disaster. We did notice 2 years ago that the incremental growth was going into the platform as a service layer. Why was that as we were studying Palantir and other companies more?
It's because SaaS is one-size-fits-all. Palantir, Palantir's software is highly customized to enterprises, to their ontology, meaning each corporation has its own language, and it also has, most importantly, its own proprietary data that is the secret sauce. And so, that 2 years ago, we started moving out of SaaS understanding that there was this share shift taking place.
Did we expect SaaS copilot? Absolutely not. Well, we did we did make we did make the observation, and so we were moving we were shifting away from SaaS into platform into infrastructure. But I think this has happened much more quickly than even we expected because of the rate at which AI is And sort of what's then the next anything you anticipate now, any kind of type of stocks that you think could be like the beneficiary of the next wave?
Well, I think what's interesting is if you listen to an Nvidia call or or to any of the neo clouds like CoreWeave, and we own both of those, what what we hear from the public markets is fear. Okay, so you're growing this year and you think you can grow through 27. What about 28? You've got this kind of doomsday attitude, and I know where it's coming from.
It's coming from the most seasoned investors in our industry who were very young during the tech and telecom bubble and bust. So, as the elder statesmen and stateswomen of the industry, they're basically saying, "Been there, done that. This feels like the tech and telecom bubble, and we are going to dial down our exposure." We we think that's the wrong answer.
We think because of the research we are doing that the infrastructure layer and the platform as a service layer, those two have miles to go. We are, we believe, in the equivalent of 1995 if you want to use the internet time. Now, we're moving much faster than internet, and the transformations are happening much faster, but when we listen to Elon Musk talk about the constraints that he is feeling here as he as he brings his companies together, you know, he has to go into space to get enough computing power.
And we think he will be successful in doing it. We're modeling that out for our SpaceX model right now, but he does not believe that we are going to run into too much capacity until well into the next decade, and we would tend to bet with Elon Musk on this one. So, that means it's actually maybe a good time to buy more tech stocks, go back into the Mac 7 and the like?
Well, I think I think what we've just learned is be careful about the layer of the tech stack. There you can do some bottom fishing in SaaS, but we do think SaaS will continue to be disrupted. The more that the more that you need human reinforcement in SaaS, the better. We think Figma is one stock, although it has been hit hard as well.
We've been tiptoeing in in the collaborative design space, but we are for the most part staying away from SaaS, focusing on on the the platform opportunity. We just have nibbled a little bit more on Palantir, and I can tell you that because we post our trades at the end of every Yes, and and you know, on the infrastructure side, it's it's very interesting to see Amazon.
This was just announced today or yesterday, I should say, Amazon partnering with companies like Twist. So, Twist and Ginkgo are two companies in the synthetic biology space, and Amazon is partnering with them. This is another example of the convergence among technologies. Amazon in the infrastructure space is the first place that a lot of biotech companies have gone to store their data.
In the early days of the cloud, it was the only place to go because other technologies could not store. There was just not the capacity to store the unbelievable amount of data coming out of the multi-omic space. We think that multi-omics is the most profound application of AI, and now that we see Amazon inserting itself even more into that space, we're moving more aggressively back into that stock as well. Interesting.
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