Executive Summary
D1 Capital's Dan Sundheim manages over $30 billion across public and private markets, with significant positions in OpenAI, Anthropic, and SpaceX. His core thesis challenges conventional wisdom about hyperscaler durability. Sundheim argues that AWS, Azure, and GCP face structural disruption as AI workloads become the majority of cloud computing. The LLM providers—concentrated among 4-5 companies—will eventually generate enormous free cash flows and economically justify in-sourcing compute infras...
Key Investment Opportunity
Hyperscaler Disruption Thesis
Traditional cloud providers face structural challenges as AI workloads concentrate among few LLM providers who will eventually in-source compute infrastructure, despite near-term growth acceleration from AI demand.
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