On this episode of Invested, Michael sits down with Gavin Baker who is the Managing Partner and Chief Investment Officer of Atreides Management, LP. In addition to overseeing investments and research at Atreides, he is responsible for the firm’s day-to-day portfolio management. Prior to founding Atreides in 2019, Gavin was at Fidelity Investments from 1999 to 2017, most recently as the portfolio manager of the Fidelity OTC Portfolio from 2009 to 2017. He also helped spearhead Fidelity’s venture capital investing from 2013 to 2017. Prior to managing the Fidelity OTC Portfolio, he was a portfolio manager of the Fidelity Select Wireless Portfolio from 2007 to 2011, the Fidelity Select Telecommunications Portfolio from 2007 to 2009 and the Fidelity Select Pharmaceuticals Portfolio from 2002 to 2005. Gavin started his career at Fidelity as an analyst, and focused on semiconductors, pharmaceuticals, retail, consumer packaged goods and telecommunications. Gavin earned an AB in economics and history from Dartmouth College.
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KEY TOPICS
00:00 Intro
02:10 Foundation Models: From Fastest Appreciating to Depreciating Assets
05:46 The Trillion-Dollar AI Club: OpenAI, Anthropic & xAI
10:25 The “Free Agency” Talent War and Religious Belief in ASI
12:55 Weaponizing Capital and the $600 Billion GPU Question
16:30 The 30-Year “Overnight Success” of Nvidia
20:22 Cerebras, NextSilicon, and the Power of Picking Niches
23:49 TSMC, Intel, and the Semiconductor “Chocolate Cake” Problem
26:40 Why Taiwan Semi’s Lead May Be Stabilizing, Not Existential
30:48 ”Intel Made Two Crucial Errors”
32:42 When Washington Bought a Piece of Intel
37:00 Israel’s Role in the Allied Semiconductor Supply Chain
40:54 The New Semiconductor Cold War
47:11 Toward an “Allied Supply Chain” for Chips and AI
50:54 Why Gavin Says Global Warming is a Solved Problem
55:34 Mars, Neuralink, and the Next Human Frontier
01:00:19 Would You Always Bet on Elon Musk?
01:03:01 Mission-Driven Investing and Avoiding “Bad for the World” Bets
01:07:37 Why Tel Aviv Feels Like the Most Exciting City in the World
01:09:43 The Charlie Kirk Assassination and the Return of Political Violence
01:15:37 X Saved the Truth About October 7th
01:23:57 SpaceX, Starlink, and the Future of Human Ambition
RESOURCES
Follow Gavin on LinkedIn - https://www.linkedin.com/in/gavinbaker-portfoliomanager/
Follow Gavin on X - https://x.com/GavinSBaker
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CREDITS
Executive Producer: Erica Marom
Producer: Myron Shneider
Video and Editing: Ron Baranov
Music and Creative Direction: Uri Ar
Content and Editorial: Kira Goldring
Design: Rony Karadi
Invested by Aleph 
