Big Idea Investing and NVIDIA Conviction

Thomas Laffont, Co-Founder of $70B AUM Coatue, joins Sourcery to break down how AI is reshaping both private and public markets—from Coatue’s investment in Anthropic’s $30B Series G at a $380B Valuation to the growing volatility AI is introducing across SaaS and the broader tech complex.

Recorded live at the Upfront Summit 2026 in Los Angeles on February 25th, 2026, Laffont shares his take on the Citrini “Global Intelligence Crisis” paper, why boardrooms are rapidly expanding AI spend, and which private companies could emerge as the next “Magnificent 7.”

We discuss:

• Coatue leading Anthropic’s latest funding round (recently hit $19B ARR)

• Why AI coding tools are spreading rapidly inside organizations

• The Citrini paper and how investors should interpret it

• Why SaaS valuations are being repriced

• The “Next Mag 7” candidates in private markets

• Coatue’s philosophy of Big Idea Investing or (“BFI) and risk management

Thomas Laffont: https://www.linkedin.com/in/thomas-laffont-02430914/ 

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/otqg7UaZb4E

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Disclosure

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𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Thomas Laffont, Co-Founder Coatue Management

(01:18) The rapid rise of Claude Code

(04:15) Anthropic’s revenue growth and trajectory

(05:25) Where capital is flowing: private vs public markets

(08:10) The Cetrini paper and AI market volatility

(10:15) Are new Claude releases hurting SaaS companies?

(17:22) Will AI reduce the number of engineers?

(19:38) The ATM analogy for AI and jobs

(21:02) Could autonomous agents automate investing?

(23:18) How Coatue got conviction on Nvidia

(24:18) Why TAM does not matter

(26:43) Running Coatue with his brother Philippe