Gavin Baker

Founder, Managing Partner and CIO of Atreides Management, LP, a Boston-based crossover investment firm focused on technology and consumer companies across public and private markets. Baker previously spent 18 years at Fidelity Investments, where he managed the Fidelity OTC Fund, and is a recurring Invest Like the Best guest discussing AI, semiconductors, frontier models, and technology investing.

TSMC’s Wafer Scarcity May Be Preventing an AI Overbuild

Investor Gavin Baker argues on Invest Like The Best that the AI boom is being organized less by software adoption than by scarcity: compute demand is outrunning power, wafers, and frontier-model access. In his account, Anthropic’s growth, Nvidia’s position, TSMC’s capacity discipline, and even SpaceX’s possible orbital compute are all expressions of the same constraint. Baker’s central claim is that the AI cycle may avoid a classic infrastructure bubble only if physical bottlenecks, especially leading-edge wafer supply, keep capital from building far ahead of demand.

Invest Like The BestMay 20, 202625 min read