Alex Imas and Phil Trammell – What remains scarce after AGI?

Bullish:

• $INFRA - Data center and compute infrastructure will see sustained high returns as AI models create insatiable demand for compute, with H100 rental prices remaining elevated despite increased supply.

  • “the famous fact here is that an H100 costs more to rent now than it did three years ago. Even though we have much superior technology and we have much more compute in the world because as models get smarter, the opportunity cost of compute gets higher.”

    Dwarkesh·15:33

  • “right now, the returns to data centers are super hot. Right?”

    Alex·50:06
• $OPENAI - OpenAI and Anthropic are positioned to capture concentrated returns from frontier AI development, though public market access remains limited until potential IPOs.

  • “everyone thinks about OpenAI and Anthropic. And then if if that's where all the wealth will will accrue, then, yeah, like, all these questions about whether open models will stay only a little bit behind.”

    Phil·1:12:09

  • “even they look like they're going public before too long probably.”

    Phil·1:12:22
• $TECH - Software engineering demand remains strong with increased hiring for senior engineers despite concerns about AI automation, suggesting continued growth in tech employment.

  • “there's actually an increased demand for senior manager for senior software engineers, if anything. And so if you look at trend, it's kind of like for junior managers, it's a bit below trend.”

    Alex·30:57

  • “if anything in the data, we're seeing an uptick in software engineering.”

    Alex·33:22