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Gavin Baker, Managing Partner of Atreides, on Everything You Wanted to Know About Semiconductors & Why Global Warming is a Solved Problem

Oct 22, 2025
Guest
Gavin Baker
Gavin Baker, Managing Partner and Chief Investment Officer of Atreides Management, shares his deep knowledge of semiconductors and AI. He discusses the rise of foundation models and how reasoning models create new opportunities. Gavin highlights the trillion-dollar potential of firms like OpenAI and Nvidia's dominance in GPUs. He also delves into the intersection of geopolitics and semiconductor manufacturing, addressing export controls and Israel's strategic role. Lastly, he shares his optimistic views on solving global warming through technological advancements.
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INSIGHT

Reasoning Models Create A Powerful Flywheel

  • Reasoning models created a user-data flywheel that transforms foundation models into sustainable competitive businesses.
  • This feedback loop makes scaled LLM companies much better investments post-reasoning.
INSIGHT

The $Trillion GPU Question

  • Public companies' GPU spending already shows strong positive ROI through improved top-line and recommender systems.
  • The trillion-dollar GPU question remains whether ROI holds as spend approaches multiple trillions.
INSIGHT

GPUs Hard To Beat, Niches Can Win

  • GPUs are extremely hard to unseat, and NVIDIA benefits from systems and software advantages.
  • Niche architectures (e.g., SRAM wafer-scale) can win by focusing on tokens-per-second and special trade-offs.
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