AI Disruptors and Private Access
Austin Soukup@austin_soukup
−11.5%
since Oct 6
The idea
I believe AI is collapsing the cost of starting and scaling a company, letting young AI-native firms take share from incumbents faster than people expect, while high-beta AI stocks look cheaper than the market treats them. I express this through private-access funds holding stakes in companies like OpenAI and Anthropic, recently listed names led by SpaceX, high-beta public AI stocks, and smaller AI-native disruptors targeting lending, insurance, healthcare and software.
What it owns
- Recently listed companies that scaled past incumbents by moving fast with lean teams, where the startup-to-public transition is still being priced by the market. · Space Exploration Technologies Corp.It scaled past massive incumbents in launch and satellite internet by moving faster, proving a young company can out-execute entrenched giants with better engineering., CoreWeaveIt rents specialized AI compute directly to startups, taking share from Amazon and Microsoft by building infrastructure optimized for the new generation of companies., FigmaIt took design software share from Adobe with a lean team and is adding AI features to keep users from returning to the incumbent., Astera LabsIt makes the connectivity chips that tie AI servers together inside data centers, riding the same infrastructure buildout that startups depend on., Tempus AIIt uses AI to read medical data and sell diagnostics and research insights to hospitals, going after slow healthcare incumbents with software and machine learning.26%
- Volatile public stocks positioned as undervalued by the market, riding the buildout of AI infrastructure and compute that underpins the entire disruptor ecosystem. · NVIDIAEvery AI startup in this take buys its chips for training and inference, making it the infrastructure chokepoint for the entire disruptor ecosystem., Palantir TechnologiesIt sells enterprise AI software that helps large organizations find patterns in data, gaining adoption in government and commercial sectors as AI moves into mission-critical work., Advanced Micro DevicesIt makes AI accelerators that take share from NVIDIA while selling to the startups disrupting incumbents, embodying the disruptor-disrupting-incumbents pattern twice over., Super Micro ComputerIt builds the servers that run AI training and inference, swinging with AI sentiment as data centers scale the computational foundation for every startup in this take., Vertiv HoldingsIt sells the power and cooling gear that every new AI data center needs, riding the massive buildout of infrastructure that startups depend on to scale.25%
- Smaller AI-native companies using lean teams to take share from larger incumbents across lending, insurance, health and software by doing more with fewer employees. · Upstart HoldingsIt uses AI to approve consumer loans that banks won't touch, replacing human judgment with models trained on millions of borrowers to disrupt traditional lending., SoundHound AIIt builds voice AI that restaurants and car makers use instead of building their own, winning deals against much bigger players by moving faster., LemonadeIt runs insurance with AI instead of armies of adjusters, replacing human underwriting with models that decide claims faster and cheaper., DuolingoIt built a huge consumer business with a small team and is pushing AI deeper into lessons, proving that AI lets companies scale without adding headcount., UiPathIt sells automation software that lets companies run with fewer employees, providing the mechanism that lets startups scale faster than traditional competitors.21%
- Listed funds that hold stakes in private AI companies not yet available to public investors, providing exposure to the next generation of disruptors being built outside public markets. · Robinhood Ventures Fund IIt holds stakes in private AI-era startups selected by experienced venture investors, giving regular investors access to early bets on companies still scaling outside public markets., Destiny Tech100It holds shares in still-private AI companies like OpenAI and SpaceX before they list, providing the core exposure to the next disruptors being built outside public markets.18%
- Cash10%