Coatue EMW 2025 — Keynote
| Author | Coatue |
|---|---|
| Published | June 17, 2025 |
| Format | Report |
| Original | Read the original |
TL;DR — Coatue’s 2025 East Meets West keynote: a bullish read on AI as the next tech wave, the risks to it, why top companies stay private, and its “Fantastic 40” list.
This is the 102-slide deck from the keynote that opened Coatue’s annual East Meets West (EMW) conference in Montecito, California, in June 2025. Coatue published it on its site on June 17, 2025 and posted a video replay a week later. Per those pages, co-founders Philippe and Thomas Laffont gave the talk, joined by Lucas Swisher and Jaimin Rangwalla. The deck has a public-markets half and a private-markets half.
The public-markets half sets AI as the latest in a series of tech waves (mainframe, PC, networking, desktop and mobile internet, cloud), with each wave’s leaders outperforming. It includes a self-graded scorecard of Coatue’s predictions from past EMW keynotes. It argues that business sentiment is a poor predictor of returns, and uses Microsoft’s 2025 token and capacity remarks and rising cloud capex to say AI demand is real. Analysts’ skepticism about early cloud capex is set beside today’s skepticism about AI capex, under the message that “we are only in the third year of AI”. Three risks are named: an expensive market, tariffs ending US exceptionalism, and ballooning deficits. Charts on elevated P/E ratios and Dell in the 1990s follow. The section closes on policy changes (chip-export rules, a nuclear build-out), an AI-driven productivity flywheel, the strengths of the USA, and a slide of lessons from 30 years of public-markets investing.
The private-markets half asks why many of the best companies stay private: abundant private capital (OpenAI’s $40 billion raise is shown against earlier record rounds), the AI wave, and “scar tissue” from the zero-interest-rate era. It shows public markets rewarding growth and M&A returning. It charts AI-native adoption at companies such as OpenEvidence, Harvey and AI coding tools, and gives a 2025 “year of offense” matrix by growth and profitability. It ends with today’s top 50 tech companies and Coatue’s “Fantastic 40”, a list of public and private companies it expects to lead the next era, followed by disclosures.
What it is: An investment firm’s annual keynote, combining market data with the firm’s own framing. It is useful as a dated snapshot of mid-2025 growth-investor consensus, but it is not neutral research. This description comes from viewing about half the slides in Drive’s previewer; the file could not be downloaded.
Where this came from
- A copy shared on Google Drive.
- Published by Coatue: coatue.com — Coatue’s 2025 EMW Keynote Deck (June 17, 2025). The page embeds this same Drive file. Video: Coatue’s 2025 EMW Keynote Replay.
102 pages. Not held locally: the owner has turned off downloading. The header links the original source.