Gavin Baker on capital allocation
From Gavin Baker interviews SpaceX CFO Bret Johnsen at Mission Control · · Heller House
“I think that really capital allocation's been one of the bigger challenges of this job for 15 years. And what I would just say is we have a pretty good track record, right, of being able to do this. And certainly the dollars are now bigger than they have been in the past. But but I also am incredibly proud of the value creation uh along the way that we have already been able to achieve.”
On , Gavin Baker, Managing Partner and Chief Investment Officer at Atreides Management, LP, spoke about capital allocation during Gavin Baker interviews SpaceX CFO Bret Johnsen at Mission Control on Heller House.
About Gavin Baker
Gavin Baker, managing partner and CIO of Atreides Management, has recently described the current AI boom as "the most extraordinary moment in the history of capitalism," citing Anthropic's addition of $11 billion in annual recurring revenue in a single month. He has argued that the AI build-out is constrained by "watts and wafers," and that TSMC's leadership is deliberately limiting capacity expansion to avoid a bubble, which he said is helping enforce "a real-world physical constraint." Baker has also predicted that Tranium chips will play a role in 2026 similar to that of TPUs in 2025, and that code generation has become the "killer app" for monetizing AI. Baker has discussed the competitive landscape of chip design, describing the proliferation of new chip companies as "good and healthy for the world" and beneficial for Nvidia's Jensen Huang. He has compared running AI clusters to driving a Formula 1 car, stating that it is "really hard to do well," and has highlighted CoreWeave's focus on networking as a structural advantage. Baker has also suggested that orbital compute, with power from the sun and cooling from the dark side of satellites, could eventually replace terrestrial data centers.