Jaimin Rangwalla

Chips, Gigawatts, AI, & Agents: Coatue's Public Markets Update | CIO Jaimin Rangwalla

Jaimin Rangwalla, Molly O'Shea

KOTU is pivoting its investment framework from hardware-specific assets to "gigawatt" power infrastructure and supply chain bottlenecks as private AI firms like OpenAI and Anthropic achieve valuations exceeding $100 billion while growing revenue faster than traditional hyperscalers. This shift highlights a critical divergence where suppliers of power and memory see massive margin expansion while hardware buyers face compressed multiples due to soaring capital expenditures. The firm anticipates that the eventual IPOs of trillion-dollar AI companies will expand the public investable universe rather than disrupt markets, driven by a transition from chatbots to autonomous agents that demand 10x larger semiconductor footprints.