Exclusive Interview: Coatue CIO on AI's Biggest Winners

The AI era is defined by an unprecedented rate of innovation, where private companies like OpenAI and Anthropic achieve massive scale and valuations long before going public. This shift creates a distinct market dynamic between the "sellers of shortage"—providers of power, memory, and semiconductors—and the "buyers of shortage," such as hyperscalers facing high capital expenditure burdens. The proliferation of autonomous AI agents, which can spawn sub-agents to perform complex tasks, is driving a significant expansion in individual semiconductor and power requirements, effectively increasing the digital resource footprint. While market sentiment often remains negative, fundamental earnings growth in infrastructure-heavy sectors continues to outpace expectations. Investors must navigate these bottlenecks, as the current environment rewards those controlling the essential inputs of the AI supply chain rather than those merely deploying them.