Uncapped with Jack Altman Uncapped #29 | Thomas Laffont from Coatue
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Oct 22, 2025 
Thomas Laffont, co-founder of Coatue, shares insights from his extensive experience in technology investments. He discusses how the evolving system of record is transforming enterprise workflows and the role of AI in data centralization. Thomas also emphasizes the importance of a wide-aperture approach in investing, allowing for flexibility across sectors. He highlights the significance of star quality in founders, reflecting on how personal presence aligns with market narratives. Plus, he delves into the value of golf in building relationships in the investment world.
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AI Funding Became Existential
- The AI era shifted from discretionary cash-flow funding to existential spending by cash-flow-negative firms.
- Competitive intensity among hyperscalers and new entrants makes infrastructure and vigilance critical.
Wide-Aperture Thematic Research
- Coatue uses a wide-aperture, thematic approach across public and private markets.
- Thomas leverages research across stages to spot foundational layers like semiconductors and data centers.
Data Platforms Replace Lock-In SaaS
- The data layer (Snowflake, Databricks) will become the backbone as SaaS stops hoarding data.
- Enterprise apps will focus on building agents and outcomes, not owning the datastore.