Who is on this subjectordered by the date of their first quote here
1 of 4 lane rests on fewer than 5 quotes and is marked thin. Offsets are days from the middle first-quote date, 23 Oct 2025 — a date, and nothing else. It is not a claim about who reached a view first.
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Brad Gerstner
6
23 Jun 2020 – 11 Jun 2024
-1948 d
- Dylan Patel 15 23 Oct 2025 – 16 Jul 2026 +0 d
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Gavin Baker
5
9 Dec 2025 – 4 Aug 2026
+47 d
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Bill Gurley
1
thin
29 May 2026 – 29 May 2026
+218 d
The chronologysourced and dated, oldest first
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Brad Gerstner
Gerstner says Uber's rideshare EBITDA margins went from negative 20% to over 30% in six quarters.
“Uber just reported their quarterly reports and I think their segment EBITDA margins in January and February for rideshare were over 30%. I believe six quarters earlier, they were negative 20%.”
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Brad Gerstner
Gerstner says Uber's rideshare margins went from negative 20% to over 30% in six quarters.
“I think their segment EBITDA margins in January and February for rideshare were over 30%. I believe six quarters earlier, they were negative 20%.”
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Brad Gerstner
Gerstner says AI is creating massive bottom-line opportunities as companies like Uber continue reducing headcount.
“The re you know, and Dara told you yesterday, quarter over quarter we've actually reduced head count again. Right. We have this massive bottom line opportunity in all these businesses because of AI.”
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Brad Gerstner
Gerstner calculates AI answers cost 10x more than traditional search: 4 cents versus 0.3 cents per query.
“Now, what does it cost to do that for $7.50 tokens today? And of course, this will go down over time, but it's 10x more, right? It's 4¢ per query.”
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Brad Gerstner
Gerstner reports major tech CEO plans 50% revenue growth with 10-20% personnel cost reduction over three years via AI.
“And he said, over the course of the next three years, we'll grow our top line 50%, and we'll reduce our personnel costs by 10 to 20%.”
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Brad Gerstner
Gerstner praises Jassy's efficiency focus at Amazon retail, expects margin expansion as investment thesis.
“Why are we in Amazon? Because we think the retail businesses margins are gonna go up. Jassy has absolutely found religion.”
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Dylan Patel
Patel says storage vendors Weka and Vast make high margins while drive vendors make no money.
“But then there's also, on the storage side, the drive vendors don't make any money. But Weka and Vast, I mean, look at their pricing models. They make crazy margin on storage.”
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Dylan Patel
Patel says Weka and Vast make high margins on storage for multimodal AI workloads despite drive vendors making nothing.
“But then there's also, on the storage side, the drive vendors don't make any money. But Weka and Vast, I mean, look at their pricing models.”
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Dylan Patel
Patel says inference providers sell public endpoints at flat or negative margins, compensating through private deployments.
“Most of the inference providers are selling at flat margins or even negative for their public endpoints. And they then make it up when people do private deployments.”
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Dylan Patel
Patel claims NVIDIA takes a 5x markup on manufacturing cost, making power efficiency less significant for TCO.
“So, in most cases, don't on an NVIDIA deployment, right? That's where NVIDIA takes 5x markup on their manufacturing cost, right?”
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Dylan Patel
Patel states NVIDIA takes 5x markup on manufacturing cost, making power differences more significant for AMD deployments.
“If it's another deployment, if it's AMD, then that that that 20% power difference might translate to eight or 9% TCO difference when you when you talk about power cost and data center capacity cost.”
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Dylan Patel
Patel explains hyperscalers are developing custom accelerators to reduce equipment costs since Jensen takes 75% margins.
“So what all the hyperscalers are trying to do is develop their own accelerator so that they can reduce this overwhelming cost for equipment to increase their margins.”
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Dylan Patel
Patel states top neo clouds achieve 35-40% gross margins while many others are losing money.
“And this has enabled, you know, the top in the industry companies to have gross margins of 35, 40%. And now there's a ton of Neo Clouds that are losing money.”
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Gavin Baker
Baker argues SaaS companies are repeating brick-and-mortar retailers' mistake by rejecting AI due to lower margins.
“Well, I think that application SaaS companies are making the exact same mistake that brick and mortar retailers did with e commerce.”
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Gavin Baker
Baker argues SaaS companies are repeating brick-and-mortar retailers' mistake by rejecting lower-margin AI business.
“I think that application SaaS companies are making the exact same mistake that brick and mortar retailers did with e commerce.”
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Gavin Baker
Baker notes AI companies generate cash earlier than SaaS despite lower margins due to fewer employees.
“The crazy thing is because of those efficiency gains, they're generating cash way earlier than SaaS companies did historically, but they're generating cash earlier, not because they have high gross margins, but because they have very few human employees.”
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Gavin Baker
Baker says AI companies generate cash earlier than SaaS despite lower margins because they have very few human employees.
“And it's just tragic to watch all of these companies. Like you want to have an agent, It's never going to succeed.”
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Dylan Patel
Patel says NVIDIA must be 2x better than competitors to justify their 75% plus margins.
“NVIDIA recognizes they're they're the leader, they're the tent pole. Hey, in one respect, they can just run faster than everyone, but it's kind of hard to be two x better than Google or or OpenAI or whoever else's internal chip, right, to justify their, you know, 75% plus margins.”
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Dylan Patel
Patel says NVIDIA must be 2-4x better than competitors to justify 75% margins and 4x pricing above costs.
“And then they have to be two x to four x better to justify four x better to justify their margins because that's what they're charging above cogs.”
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Bill Gurley
Gurley argues AI productivity gains won't lead to 70% margins because competition will lower prices instead.
“I don't think there's any scenario where you just do more for less and all of a sudden everyone has 70% operating margins.”
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Dylan Patel
Patel states Anthropic is profitable excluding stock compensation in Q2 with 80% margins on Opus tokens.
“Anthropic in Q2 is profitable, their net income profitable, excluding stock based compensation. And I think by Q3 they may even be profitable, including stock based compensation.”
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Dylan Patel
Patel reports Anthropic is Q2 profitable excluding SBC, expects Q3 profitability including SBC with 80% margins on Opus tokens.
“And I think by Q3 they may even be profitable, including stock based compensation. That's how profitable they're getting, and their margins on an Opus token, at least Opus 4.8 token, is north of 80”
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Dylan Patel
Patel reports Anthropic achieved over 80% margins on Opus tokens and expects full profitability including stock compensation by Q3.
“That's how profitable they're getting, and their margins on an Opus token, at least Opus 4.8 token, is north of 80 for the API price.”
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Dylan Patel
Patel reports OpenAI gross margins rose from 30% to 55% overall, 50% to 65% excluding free users.
“You look at OpenAI late last year, their margins had were roughly 30% gross margin, but if you stripped away the free users, they were at 50%.”
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Dylan Patel
Patel says OpenAI's total gross margin rose from 30% to 55% over the past year.
“OpenAI late last year, their margins had were roughly 30% gross margin, but if you stripped away the free users, they were at 50%. Now, total company gross margin is closer to 55%,”
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Dylan Patel
Patel says OpenAI's gross margins rose from 30% to 55% overall, reaching 65% excluding free users.
“Now, total company gross margin is closer to 55%, and if you strip away the free users, they're at about 65%.”
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Gavin Baker
Baker cites analysis showing compute margins, quantity, and inference margins all rising simultaneously, driving lab acceleration.
“The amount of compute is going up and inference margins going up. And if you multiply those three, that's how you're getting this crazy acceleration into some of the labs plus open source,”
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Where they overlapsame programme, same subject
- Invest Like the Best also carries Brad Gerstner and Gavin Baker on this subject, at different times.