Snowflake Inc.

Chamath support ×2 ▼ on 🤖 Consumption-based software pricing destroys the business — Snowflake is the case study E232 · 2025-06-21 ▶ 1:10:53

I just wanted to comment on this consumption-based pricing. It doesn't work. And what I mean is you can have some adoption in the short term. The best example is Snowflake. But in the long term, it destroys your business.

Chamath support ×1 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E170 · 2024-03-15 ▶ 13:22

as these companies become successful again, as tech re-emerges again from this multi-year malaise, are folks going to find their voice or not?

Chamath support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E146 · 2023-09-22 ▶ 1:15:08

So unfortunately, that's going to hurt everything that's not the top seven tech companies. ... So it's really good for the magnificent seven. I think it's really bad for everything else.

Chamath oppose ×2 ▲ on 🤖 Data-infra platforms buy the AI tool chain — more M&A at premium multiples E143 · 2023-08-25 ▶ 47:25

the Europeans don't want to be left out in the action, so they're jumping in. So I think the M&A market is effectively dead.

Sacks oppose ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E141 · 2023-08-11 ▶ 1:15:33

Why not top 20? Why not top 100? I mean, are you willing to say that for the next 10 years that you should only buy the top 10? What if over the next 10 years it's more of the field versus the next 20?

Friedberg support ×3 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E141 · 2023-08-11 ▶ 1:14:28

over a 20-year investment period, if you basically just buy the top 10 public tech stocks and at the end of each year rebalance to the top 10 at the end of the year, your multiple over that period of time is 24X.

Friedberg support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E139 · 2023-07-27 ▶ 30:29

And they think over the next 10 years, it's gonna go from 10 trillion to 25 trillion, which is still a great return.

Chamath oppose ×2 ▲ on 🤖 Data-infra platforms buy the AI tool chain — more M&A at premium multiples E135 · 2023-07-01 ▶ 1:05:47

Peak M&A froth happens at the beginning of the cycle when hype is at maximum and facts are at the minimum.

Sacks support ×3 ▲ on 🤖 Data-infra platforms buy the AI tool chain — more M&A at premium multiples E135 · 2023-07-01 ▶ 1:04:45

I think for sure there's going to be more M&A. And I think the valuations will be high, not because these companies have a lot of revenue yet, but because it's very strategic for these big infra companies to assemble the end-to-end tool chain.

Friedberg support ×2 ▲ on 🤖 Data-infra platforms buy the AI tool chain — more M&A at premium multiples E135 · 2023-07-01 ▶ 55:58

which means that there are more acquisitions still to come.

Brad Gerstner support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E118 · 2023-03-03 ▶ 46:42

Find five companies that you think are going to grow and earn more money, irrespective of the direction of rates and inflation. Own those and enjoy your life.

Chamath support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E87 · 2022-07-14 ▶ 1:01:32

You know, I tend to agree with Friedberg. I mean, you find these businesses that you like, and if they appeal to you and you do your work, that's the most important thing.

Friedberg support ×3 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E87 · 2022-07-14 ▶ 1:00:37

And there are many businesses that are public that operate like that, that regardless of any of these turtles popping their head out, those businesses will perform well over the next decade.

Brad Gerstner support ×3 ▲ on 📈 Quality software grows through the de-rating — Snowflake E81 · 2022-05-23 ▶ 31:23

Last year, we distributed over $6 billion, which was more than all the venture we raised in our first five funds. Why? Not because I didn't like Unity or I didn't like Snowflake. ... Because there we haven't sold a share of Snowflake.

Chamath support ×2 ▲ on 📈 Quality software grows through the de-rating — Snowflake E73 · 2022-03-26 ▶ 24:35

when you think in the public tech markets, what is a reliable, must-own company? Well, I would put Snowflake in the list of these must-own high-growth software businesses, right?

Brad Gerstner support ×3 ▲ on 📈 Quality software grows through the de-rating — Snowflake E73 · 2022-03-26 ▶ 23:22

Snowflake this year will grow its free cash flow at over 100% a year. Next year, probably, you know, 80 or 90% free cash flow, not just revenue, free cash flow. ... That business, so let's say we reduce the multiple by 50%, but the company's growing top line and free cash flow by 100%. Doesn't take you very long to grow through the multiple compression.

Friedberg support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E65 · 2022-01-29 ▶ 47:39

the idea that markets bucket, quote unquote, growth stocks together, I think kind of obfuscates an important point, which is that some of the businesses in that category are real businesses that are going to succeed over the long run. And some of them are speculative and are likely to fail over the short run.

Chamath support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E58 · 2021-12-11 ▶ 26:16

over the last 15 or 20 years, what was once a question is now definitive, which is that the things that are valuable tend to be technological, because they're super high margin, they grow really quickly, they compound, they create enormous cash flows at scale.

Chamath support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E57 · 2021-12-04 ▶ 29:50

We had this happen in 2018 because in 2018 it looked like there was going to be inflation. ... Powell basically killed the market, he raised rates, and then it turned out he was completely wrong and China was okay and everything was fine, and then the market just completely violently snapped back. Again, this is what I'm saying, which is it's too early to tell whether this is just a short-term opportunity for people who have made a lot of money to de-risk.

Friedberg support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E55 · 2021-11-13 ▶ 59:37

Just buy productive assets, great businesses that have durability, and let them ride for 20 years. ... why trade the market when you can just buy great businesses, own stakes in them, and let it rest?

Chamath support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E54 · 2021-11-06 ▶ 25:03

You have to remember, when Sequoia distributed Google, every single partner got Google shares. Now, had they held those shares, they wouldn't be saying any of this. ... he told me he had never sold a single share of Amazon that was distributed to him, and he had only sold a handful of shares of Google only to fund future capital requirements at Kleiner at the time. ... I think probably what Sequoia was saying is, man, I wish I had not sold my Google shares when they were distributed to me

Jason support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E53 · 2021-10-30 ▶ 58:47

when you saw these quarterly earnings, there is no better business in the world than Google. ... Single-handedly par excellence, the most incredible money making machine that's ever been created, and a close second, as it turns out, is Microsoft.

Friedberg support ×3 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E53 · 2021-10-30 ▶ 59:28

Literally, the most vertically integrated business in history with a moat that no one will ever be able to catch up on. ... If you look at YouTube in the quarter, YouTube generated, this is insanity, YouTube is now operating at a nearly $30 billion revenue run rate.

Chamath support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E53 · 2021-10-30 ▶ 54:59

And then you have these companies that are just so superb. ... And I'm talking about Microsoft, Google, Apple and Facebook, that now trade in many cases at some pretty deep discounts to their intrinsic value.

Jason support ×2 ▲ on 🤖 Own the top 30% of global tech and hold it five to ten years E52 · 2021-10-23 ▶ 55:01

we may have underestimated its power is what we're sort of realizing collectively here today is that we've always thought that this thing is hitting all time highs. This might be the beginning, right?