Gavin Baker on semiconductors
From Gavin Baker on Koyfin's "Investing Wizards" series. · · Gavin Baker
“The semiconductor industry has absorbed two massive negative demand shocks over the last call it 15 years. The first one was the iPhone... it was actually negative because what the iPhone did is it replaced PCs... and then it had to absorb the negative demand shock of both virtualization and cloud computing... we've kind of worked through both of those and now we're going to have a positive demand shock from the AI intensity.”
On , Gavin Baker, Managing Partner and Chief Investment Officer at Atreides Management, LP, spoke about semiconductors during Gavin Baker on Koyfin's "Investing Wizards" series. on Gavin Baker.
About Gavin Baker
Gavin Baker, Managing Partner and CIO of Atreides Management, has been active in public discussions on artificial intelligence, space infrastructure, and semiconductor supply chains. In June 2026, he interviewed SpaceX CFO Bret Johnsen at Mission Control, where they discussed the importance of launch capabilities and Starship's potential for rapid reusability. Baker noted that SpaceX is "the lowest cost per kilogram to space ever in the industry" and that Starship aims for "another 10x improvement." He also highlighted AI compute as a market that "really needs Starship to really happen" due to large payload requirements and cost focus. In May 2026, at the Sohn Investment Conference, Baker described the current AI environment as "the most extraordinary moment in the history of capitalism," citing Anthropic's rapid revenue growth. He discussed the role of TSMC's conservative capacity expansion in preventing a bubble, stating that "flinty old men and women who are safeguarding Morris Ching's legacy are helping us all avoid a bubble by enforcing a real-world physical constraint." Baker also emphasized the importance of Model Flop Utilization (MFU) as a key metric, arguing that "if you take your utilization from 40 to 80, you've dropped your cost per token in half." He joined the board of Aria Networks in April 2026, where he discussed the critical role of networking in AI factory efficiency.