I've just finished listening to the recent episode of BG2 featuring the Laffont brothers from Coatue, one of the most forward-thinking VC firms in the tech industry. If you're involved in AI, crypto or infrastructure, this episode is a must-listen.

Philippe and Thomas Laffont set out a bold vision: we are entering a new economic era in which AI and crypto are not "emerging". They are the foundation of everything being built now, from capital markets and infrastructure to user behaviour.

Here are a few big takeaways that I found striking: AI is becoming the new internet. Coatue believes that AI-related companies could account for 75% of the US market cap in future. They compare this cycle to the early 2000s, but on a larger scale. What is the backbone? Not just flashy apps, but chips, cloud and infrastructure like CoreWeave.

Meanwhile, crypto is quietly becoming legitimate. Now that U.S. stablecoin legislation is in place, institutions are finally entering the market. Imagine digital money that generates interest - it's no longer a risky investment, but a viable financial strategy.

User behaviour is already changing. People who pay for ChatGPT use Google less. This is not just a change in user experience - it is a reallocation of attention (and advertising revenue) on a large scale.

Hiring is out; efficiency is in. Thanks to AI, AppLovin, Meta and Uber are growing faster with fewer people. Tech cycles used to mean 'hire more'. Now, it's "optimize with fewer".

Jevons' paradox applies. The more accessible AI becomes, the more people will use it. This will create new types of work, rather than leading to mass unemployment.

IPOs and M&As are back. CoreWeave, Circle and others demonstrate that the window of opportunity is open again. If you’re a founder, now is the time to position yourself on Coatue’s matrix (Growth vs Profit) and adapt quickly.

Don't rely on front-end apps alone. Value will accrue to infrastructure layers such as computing, chips, energy and data centres. If you're not developing the next OpenAI, consider building the infrastructure that supports it.

It’s rare to hear insights into the public and private markets broken down with this much clarity. I highly recommend both the podcast and their full deck.

Podcast: BG2 x Coatue - https://www.youtube.com/watch?v=4JA7n0wTChw Slides: Coatue's presentation - https://drive.google.com/file/d/1Srl8Y4pBoKtNVYZBxmfj2TEMYM5tp1mE/view