Anthropic Just Committed $80B in Five Days. Here Is Who It Is Renting From.

Sep 8, 2026

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3 min read

Anthropic Just Committed $80B in Five Days. Here Is Who It Is Renting From.

AI’s appetite for specialized chips, power, and speed created an opening for a new kind of cloud. Learn with me below...

Aug 28, 2026

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2 min read

Deep Dive: Will California Go Broke?

California is the 5th largest economy in the world, but 43% of its own residents say the budget is a "big problem." So let’s take a closer look at the budget...

Deep Dive: The Next Trillion-Dollar Futures Market

Aug 14, 2026

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3 min read

Deep Dive: The Next Trillion-Dollar Futures Market

AI capex hit $765B in 2026, passing oil and gas for the first time. The resource powering AI is getting its first futures contract. Here is what has to be true for it to work...

How Two Companies Built a $71+ Billion Drug Class

Aug 6, 2026

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3 min read

How Two Companies Built a $71+ Billion Drug Class

In 2025, two drugs earned more than double the combined revenue of OpenAI and Anthropic and reached under 2% of the people who qualify. This is a deep dive on the biology, the economics, and where...

Deep Dive: What Happens When Cars Drive Themselves

Jul 31, 2026

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2 min read

Deep Dive: What Happens When Cars Drive Themselves

Autonomous driving reached commercial scale in 2025. The robotaxi market alone is valued at over $11 trillion. But the bigger story is what happens to the industries built around human drivers...

Deep Dive: Where Value Accrues in the AI Stack

May 1, 2026

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2 min read

Deep Dive: Where Value Accrues in the AI Stack

How should we think about AI in 2026? The stack we drew has six layers, from the bottom up: infrastructure, chips, data, models, execution, and application. Each layer has its own fulcrum...

Jun 11, 2026

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3 min read

Deep Dive: SpaceX

SpaceX lowered the cost of reaching orbit by 20x, then used that advantage to build Starlink. The next question is whether the same route can unlock something even larger: broadband, AI compute, & ...

Deep Dive: Why Are Billions Going Into Critical Minerals?

Apr 15, 2026

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2 min read

Deep Dive: Why Are Billions Going Into Critical Minerals?

We are still completely underestimating how short we are in terms of the global demand and supply dynamics of a handful of critical minerals that we need...

Apr 22, 2026

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24 min read

2025 Annual Letter

2025 was, in some ways, a historic year for Social Capital. Numerically, we did well. Our portfolio took an important inflection upwards when NVIDIA licensed Groq for $20B. However it felt...

Sep 6, 2026

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4 min read