Thomas Laffont
speaker
504 appearances
2 recordings
2 series
first heard Jun 2026
last heard 4 Jun
Thomas Laffont’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jun 2026 with 2.
Appearances
So where is that revenue coming from?
Well, if we break it down, we can see, we kind of estimate three key pillars to this industry.
One we know, consumer.
Number of subs times an ARPU.
That gives you your consumer revenue.
One that I think a lot of people forget, but it's ads.
We estimate currently that about a quarter of ads served by Meta and Google are AI-enabled.
We think that penetration will eventually go to 100%.
That's $150 billion.
And then obviously, we all know about the breakthroughs in enterprise and what Cloud Code and Codex are doing inside of those businesses.
So if you add all these together, you get a good sense of the size of this ecosystem.
So this will be kind of my second to last slide.
One thing that's different to me about this era versus the prior eras in which I was an investor is that almost every sector of the economy is being transformed at the moment.
So we know some of the obvious ones, software, but look at telco.
I believe that within a few years, Starlink will power a device which will actually enable you to make a phone call anywhere in the world.
And we think that's a solved problem, but every time we get a dropped call, we get reminded that there's a better technology out there.
So back to Nikesh's framework on profit pools, I think the Starlink profit pool is the telco global profit pool of broadband and wireless.
We know compute is driving massive changes in semis.
We had senators earlier on telling us how data centers have changed the energy equation in Pennsylvania.
Just think about the auto business.
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