I think another point that’s important here is: Holding (leveraged) exposure to the best public AI stocks is not obviously less performant than holding lab equity. E.g. holding NVIDIA [ETA: with 100% leverage at 5.5% interest] had a ~120% annualized return between Jan 2021 and now, meaning it went up by roughly 40x. My impression is that people holding lab equity are not seeing returns that massively outstrip that.
(Various caveats here about cherrypicking and past returns not guaranteeing future returns, but that’s somewhat a problem for lab equity as well)
Another example, somewhat less cherrypicked: holding a mix of google, nvidia and tsmc at 100% leverage with 5.5% interest on margin loan gets you like 64% annualized returns
I think another point that’s important here is:
Holding (leveraged) exposure to the best public AI stocks is not obviously less performant than holding lab equity.
E.g. holding NVIDIA [ETA: with 100% leverage at 5.5% interest] had a ~120% annualized return between Jan 2021 and now, meaning it went up by roughly 40x. My impression is that people holding lab equity are not seeing returns that massively outstrip that.
(Various caveats here about cherrypicking and past returns not guaranteeing future returns, but that’s somewhat a problem for lab equity as well)
Another example, somewhat less cherrypicked: holding a mix of google, nvidia and tsmc at 100% leverage with 5.5% interest on margin loan gets you like 64% annualized returns