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AI – The Coming Revolution

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Just as the internet sparked a knowledge revolution and mobile created the on-demand economy, we believe AI is the next technology super cycle that has potential to meaningfully improve our world. Unlike anything we have seen before, AI adoption is already moving faster and beginning to transform our world, from data centers to consumer apps. Over 300K+ models have been shared on Hugging Face, 50%+ of trending GitHub repositories have been about AI, and well over 8,000 AI apps have already been created. If 2022 was the year of the AI explosion, 2023 has been the year in which the AI wave has begun to take shape and gain momentum, impacting the venture ecosystem, our modern tech stack, and the broader economy.

From an article by S. Viswanath, et al.

After more than a decade of investing in AI and backing more than 50 AI-related companies to date, Coatue has identified several key considerations informing our AI investment approach.

1. AI has potential to break through the hype and meaningfully improve our world

While widespread AI utility is nascent despite more than $20 billion invested in private AI companies, we believe it is indisputable how many opportunities there are for AI to improve our world. Our data on AI use cases shows positive signs — developers using GitHub Copilot are completing tasks 50% faster, AI has reduced the cost of customer support for one company by up to 95% (with happier users and faster response times), and in a BCG study, we’ve seen the quality of knowledge work supported by AI improve by 40%. A survey of ~600 enterprise executives and their awareness of AI capabilities further proves that the opportunity for large scale AI adoption is on the horizon, with 60% of executives confirming that they plan to adopt AI in both new and existing products. We are especially excited by the speed at which AI is improving in autonomy and utility compared to previous technology revolutions. AI is breaking through, and we believe it deserves attention and investment, and expect it to have an impact across our modern economy and daily lives.

2. Open source is the heartbeat of AI, but not all open source is created equally

Open-source research, data, and community is at the core of the AI revolution. From the original transformers paper to the latest LLAMA-2 releases, open-source development has allowed technologists to iterate, improve, and adapt AI to spur adoption and utility. As we look ahead, however, we are seeing signs that not all open source is truly open and, in some instances, is even coming under attack. Over the last 12 months, as companies have realized the value of their content, there has been a movement to restrict what research is published, to keep models closed, and even to withhold training data repositories. Despite this, we view the open-source AI community as vibrant and growing. As of November 2023, Over 200K developers are contributing to AI projects on GitHub, over 300K models have been published on Hugging Face, and there are now over 18M members of AI related Discord channels. We are committed to supporting an open ecosystem for AI, and we see open-source models as firmly having a place alongside proprietary ones.

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