Alex Sacerdote is the Founder and Portfolio Manager of Whale Rock Capital Management, where he has spent the past two decades investing through major technology platform shifts. In this episode, Alex walks through Whale Rock’s framework for finding the most important companies in technology: S-curves, competitive advantage, and underappreciated earnings power. He explains why AI may be the biggest S-curve yet, how Whale Rock built conviction in Anthropic, why code has become the first major unlock for AI, what AI means for the software market, and why the hardware industry powering AI is entering a new renaissance. TIMESTAMPS 0:00 Intro 9:55 AI's L-Curve 19:31 Whale Rock's S-Curve Playbook 26:14 Spotting Inflection Points 32:02 Finding AI Winners 40:04 AI vs Software 48:13 The Hardware Renaissance 58:04 Why Investors Miss AI 1:05:18 Whale Rock's Research Machine Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc