E402: $92B Coatue: Where the Value in AI Will Accrue

The central challenge in the AI landscape is determining who captures value as foundational models rapidly advance. While coding applications are increasingly tied to core model outputs, verticals requiring deep integration, compliance, and proprietary data—such as legal and finance—provide durable moats for independent companies. Enterprise demand for frontier intelligence drives a "winner-take-most" dynamic, fueling the unprecedented growth of labs like OpenAI and Anthropic. This shift is reshaping the tech landscape, moving beyond the traditional "MAG7" toward an "AI8" that includes critical chip manufacturers and data infrastructure leaders like Databricks. Ultimately, talent concentration and organizational culture remain the primary determinants of long-term success, as companies that can reinvent themselves across technological waves secure the highest return on invested capital and maintain a competitive edge in an increasingly agentic economy.