Coatue｜二级市场观察

COATUE

CoatuePublicMarketUpdateWebcast

—→April18,2024

→Philippe'sOutlook

一NewIdeas

Conclusion

COATUE

Phllppe's

Outlook

Performanceupdate

Marketoutlook

OurFlagshipandLongOnlyfundsareperformingwellYTD

YTD%Returns

Net11%

Gross

Net

7%

6%

6%

6%

Flagship

COATUE

LongOnly

COATUE

NASDAQ

S&P500

COATUE

AsofApri16,2024.Source:Coatue.MSCl,BcombergGrossretunsreflectthedoduclonofmgmtfeesandexpensesbutnotncentiveakocafion,netretumsinclusededucticnsformgmtfees,expersesandncertivealocsfon.Netreturnsforarebesedanthereturresofangresantativoinvestorsutincltoa2%maragementfooand20%incartiseallocatienfortheHagahipFundanda1.75%manngementfoeandnoincenthealecationfrLongOnly.Actunlnvesterretunemaybemataralydflorent.Foospresentodtepreaentthehighestfoe

yldginhgeespencchae.icrformanceisnotindcatweoraguaranweeotfutureres.ms.TherecanbenoassurancethattheFundwilachievetscbectvesoravoidlosses.PeasepeeAppendix-Disclosurestorimportantadditionaldeclosures,

5

Wehavegeneratedattractiveretumsovertime

→CoatueNetReturnsvs.Indices

YTD(Jan’24)SincePre-COVID(Jan‘20)10-Year(May‘14)SinceInception(Dec‘99)

Flagship

6%

15%

11%

11%

LongOnly

11%

25%

20%

N/A

S&P500

6%

13%

12%

7%

NASDAQ

6%

15%

16%

8%

MSCI

World

4%

9%

9%

6%

COATUE

AedlAprl16.2024.LongOrlyreturnsincenceptionMay13)is20%.Scurce:Coatue,MSCl,BksombergGrossretumsrefiectthedesuctionofmgmtfeesandexpereesbutnotincentiheakocatiort:netrelunsindlutedeductionsformgmtfees,expeneesandincentive

albcafien.Notroturnsforarebasodontheretumsofarepresentativeirvestorsubjacttoa2%managementfoeand20%incentivealocationforthaRagzhipFundanda1.75%managamentfoeandroircantivealocationforLongOrly.Actuslinvestorreturnsmaybematorially

sfcrnenehighestfeepayngdassescurrenttyorkeasrsi.dasperformanceisnotndcativeoraQuaranteeoftutureresults.TherecanbenoassurancethattheFundwlachlevensobyectivesoravoldlosses.PeaseseeAppendx-

6

Yearsto

recovery

...Managingthroughbigtechmarketdrawdowns

→CoatueNetReturnsvs.Indices

2000

2008

2022

.com

Flagship

NASDAQ

GFC

Flagship

NASDAQ

Flagship

.COVID

LongOnly

NASDAQ

-9%

-15%

-20%

0.2

-39%

11.7

1.7

-40%

2.0

1.2

-34%

1.0

-33%

1.2

COATUE

AeofApril16,2024.Sourca:Coatue,MSCl,Bloomberg.TimeperiodsaboverepresanttheanlyNASDAOdrawdownegrnaterthan30%."YearstoRecovery'represantsthenumberofyearsitlooktotorFundperformancetorefurntoevenfollowinglosses;period

maynotbeequivalanttotheperiodtakentoreturntoanywatermarkorhurdle,whichwllvarybyinvestor.Grossretumsrefloctthedodiuctionofmgmtfaesandexpensesbutnotincentiveallocation;netretumsincludedeductionsformgmtfoes,expensosand

incentiveallocation.Netreturnsforarebasedonthereturnsofarepresentativeinvestorsubjecttoa2%managementfeeand20%incantiveallocalonfortheFlagshipFundanda1.75%managementfeeandnoincentivealocationforLongOnly.Actualinvestor

returnsmaybematerialydiferent.Fenspresentedrepresentthehighestlaepayingshareclassescurrentlyofleredtoinvestors.Pastperformuanceisnotindicativeoraguaranteeoftutureresults.TherecanbenoassurancethattheFundwillachieveits

objactivosoravoidkosses,PlkrasesoeAppendix-Disclosuresforimportantaddtionaldisclosures,inckudingregardingperformance,bonchmarksandindicas.

7

TheKey:DurationisasignificantdriverofMOIC

→Flagship-NetMOICsinceinception→LongOnly-NetMOICsinceinception

13.9x

6.0x

7.3x

5.8x

5.4x

3.9x

CoatueFlagship

(1999totoday)

NASDAQ

S&P500

CoatueLongOnly

(2013totoday)

NASDAQ

S&P500

COATUE

AsdlAprilt8,2024.Source:Coutue,MSC,Boamberg.Grossrelturnereflectthedaductlenolmgmtftesandespenseebutnotincenthealocalior;netreturreinclidedastuctfionefermgmtfees,expenoesandircantivealbcalian.Netreturnsferarebusedontheretumsofarepresentativenvontorsubjocttoa2%managermantfoeand20%incentiveakocafionfertheRagstipFundanda1.75%marogementfeeandnoncenSvealocationforLongOnly.Actualinvostorrelumemaybematerinlydiferent.Foespreeantodroprecontthehighoutfeepayingshareclassescutrentlyofferedtoirwestors.Pastpertermanceenotndcativearaguaranteeoffutureresults.TherecanbenoassurancethattheFundwlachieveitsotectivesoravoidlosoes.PeaseseeAependx-Dsclosuresforimportantadationaldisclbsures,nclidingregardngperformance,berchmarkeandindces.

8

Our

goals:

Build

IndexoftheFuture

Curious

Flexible

PrivatesTrend-Spotting

ManageRisk

ProvidingDuration

Treesdon'tgrowtothesky

Macro

Datascience

COATUE

9

CaistueopnonandaralisasofAprl2024,whichissutyecttochungeatanytmewithoutnolice.Fordustratlwepurposesonl.TheretsnoindicatonorguarantoethutanyCoutueinvestrrentorhindwlbesuccesslulcraveidbeses.SoeApperdi-Decbsuestormportantdackosures.

Marketoutlook

OurMarketOutlook:

It'sallaboutAl

Marketisnotcheap

→ForwardP/E

COATUE

Source:Blbomberg.HaadingsandcommentaryrepresentCoatueopihionandanalysis.For&uistratvepurposesonlytoilustrateCoatue'scurrentvewofthemacroenwronment,whichisbasedonavaisbledalaandsubjecttochangeatanytimebasedonaddbond

inlorratlienrecened.ThereenoguararteethatCoatue'svewsandproieclionsregardingthefuturepotentialofNareaccurateorthatanyperbeukrCoatueinwestmentarfindwllbeneiftfromtheAtrend.Thereisnoirdicafioncrquaranteethatanyirsestmentartundwilbesucceestuloravoidmationpresenteddoesnotrepresentinwestmentadvce.SeeAppendx-Declosuresforimportantdisclosures,includingregerdngAl

11

OurMarketOutlook:

lt'sallaboutAl

ExpectedRateCuts

6.5x

Ratecutsdelayed

1.8x

Startof2024

Firstratecutexpected:

Today

March‘24

September‘24

COATUE

Source:BloombergHaadingsandcommentaryrepreeentCoatueophionandanalysie.FordustrativepurpocesonlytoilustrateCoatue'scurrentvewofthemacroenvronment,whichisbasedonavalebledataandsubecttochangeatanytimebasedonaddtiond

nlormatlionreceved.TheresnoguaranteethatCoutue'sviewsandprcjectlionsregardingthefuturepotentalofAlareaccurateorthataryparticukrCoatueinwestmentarfuindwllbenefifromtheAltrend.Thereisnoirdicalionorguaranteethatarnyirvestmentarfundwllbe

succe8sfuloravoidlosses.Iorimportantdisclosures,incudingregardngAl.

12

OurMarketOutlook:

It'sallaboutAl

/arkei

Butmarketsareup?!?

Marketsupwhileratecutsexpectationsdown?!?

SPX

Dec'24FedFundsRate(lnverted)

COATUE

Source:BloonbergHaadngsandcommentaryregresentCoatueopnlenandanalysis.FarthustrativepurposesonlytoilustrateCoatue'scurrentwewofthemacroenvronment,whichiebasedonavalethedataandeubecttochangeatanytmebasedonaddtiondl

l.seIltspepntrnt-siorementorfundwllbenelitfromtheNtrend.Thereisnoindicatloncrguaranieethataryinvestmentartundwllbe

13

OurMarketOutlook:

lt'sallaboutAl

Strongereconomy:

“Goodnewsisgoodnews”

→BealGDPGrowthBevisionsvs.Inflation

COATUE

Source:Bloamberg.HaadingsandcommentaryrepresentCoatueopihionandanalysie.ForthustratvepurpoeesortlytolustrateCoatue'scurrentvewofthemacroenvronment,whichisbasedonavaiabledataandsubiecttochangeatarytimebasedonaddtiondl

hformatienreoehesd.TheresnoguaranleethatCoatue'svewsandprciecioresregardingthefuturepotentialofAlareacourateorthatanyperbcukrCaatueinvestmentorfundwlbeneftromtheNltrend.Theretsnoindicatonorguuranieethatanyiwestmentortundwllbe

suoceesfiloravodloeses.Declosuresforimportantdiscloeures,includingregardngAl.

14

→S&P500Earnings(Historical&ConsensusEstimates)

OurMarketOutlook:

It'sallaboutAl

Strongcorporateearningsgrowth…

Source:BloambergHaadngsandcommentaryrecreeentCoatueophlanandanalysie.ForlustrativepurposesonlytoilustrateCoatue'scurentvewofthemacrcenvronment,whichisbesadonavalebledalaandsublecttochangeatarytimebasedanaddtiondl

15

COATUElcdid.Te.IittoseprntojitgniogetelrknorentarfuindwllbenefifromtheNltrend.Thereisnoirdicafionorguaranteethatanyirwestrnentorfundwilbe

→Signsof“Goldilocks”economy

Inflation

Onlyfewstickycomponents

Disinflationarytrendsunderthesurface

LaborMarket

Normalizing

Decliningwagegrowth

withoutriseinunemployment

Housing

Flatrents

Frozensales

Consumer

Resilient

Butnoteuphoric

OurMarketOutlook:

It'sallaboutAl

CoatueDataScienceView:Goldilocks?

COATUE

Source:Coatuedatascence.HeadngsandcommentarytepresentCoatueopinionandanalysis.ForilustrativepurposescntytofuistrateCoatue'scurrentwewofthemacroersrorment,whichisbasedanavalabledataandsublecttochangeatanytimebasedanadditonal

16

inlomatienrecenesd.ThereenoguarandeethatCoatue'svieweandprcjeclioresregardingthetuturepotentialolAlareaccurateorthatarryparticutrCoatueinwestmenlorfundwilbeneltfromtheAltrend.Thereisnoindicalionarguaranteethatanyinvestmentartundwllbe

succeestuloravoidksses.Ihfomationpresenteddoesnotrepresentiwestmentadvice.SeeAppendx-Dsclosuresforimportantdisckosures,includingregerdngAl.

OurMarketOutlook:

lt'sallaboutAl

→Magnificent7Returns

FY2023

YTD2024

Structureofmarketbroadening

COATUE

Source:BbomkergasofAprl16,2024.HaadingsandcommentaryrepresentCoatueophionandanalyeis.RetumsarearepresentedtoilustratemacroeconomletrenseontyandarenotintendedtoindicatethereturneofanyCoatueirvestmentorfund.Thereieno

hformationpresenteddoesortantdsclosures,includingregardingAL

guaranteethatCoatue'swewsandprojpctionsregardingthefuturepotentialolNareaccuralecrthatanyparticusirCoutueinvestmentorfundwilbeneftfromtheAltrend.Thereisnondcationarguaranteethatanyinvestmentorfundwilbesuccesstularavoidkeses.

17

OurMarketOutlook:

It'sallaboutAl

Structureofmarketbroadening

Source:BloombergasofAcri16,2024.HaadingsandcommentaryrepresentCoatue

COATUE

guaranteethatCoatue'svewsandprojectionsegardingthefuturealofAl:

htormationpresenteddoeg

→ReturnsDispersionbySector

ophionandanalysis.RetumsarearepresentedtoilustratemacroeconomlctrendeonlyandarenotintendedtoindicatethereturneofanyCoatueirvestmentorfund.Thereisno

18

ralecrthataryparticuurCoutueinvestmentorfundwllbeneftfromtheAltrend.Thereisnondcationarguaranteethatanyinvestmentorfundwilbesuccessfularavoidloeses.

dsclosures,ncludingregardingAL

Philippe's

Outlook

Marketoutlook

Al

Thebuildingblocksofthelast50years…

1500nm

100nm

28nm

3nm

ooubleAtadtersutceis(doubleaintal

dovblep-10-q;

asublelambda=?*(q/pl:

coublesum=10.

imti,k

c*-6***)

soubiepotsen-expttambenls

forl-1;l<k

sum~poixen*(1-Pow(a/P,)

retumsum;

CPU

(CentralProcessingUnit)

~30Pounds

CPUSystem

Software

C++

十

Networking

WiFi,Ethernet,

FiberOptics

COATUE

Appendx-Decosuresforimportantdiocloeures,includngregardngAl

Souros;CoatueopnionandanalrsisasofApdl2024.Forihustrativepurposesanly.ThereisnoguaranteethatCoatue'sveweandprogctionsregardngthefuturepotertialofAlareaccurateorthatanypartcuerCoatueinvestmentorfundwlbenefttromtheAtrend.See

20

...Willlookdifferentinthefuture

十

Models

Data

GPU

(GraphicsProcessingUnit)

100sofTerabytesofCompanyData

~2TParameters

130k-TokenContextWindow

~70Pounds

DGXH100

COATUE

21

Thenext50yearswillbeaboutbuildingsuper-intelligent"brains"

COATUE

22

Sorca;CoutueopiriecnandaralysieasolApnl2024.Forlustralivepurposescriy.ThereisnoguararteethatCoatue'sviewsandprogctionereyerdngthetuhrepotariliualofAlareaccvatecrthatanypartcuirCaatuenvestnentcrfundwlbeneftfromtheAltrend.SeeAppendx-Dactoouresforimportantdncbeures,includngregerdngN.

EvidenceofAl'svalue&usecasesisemerging

OnlineAds

Bettertargeting&personalization40%+click-throughrateuptick

RecommendationEngine

8-10%timespentupliftfromnewMETAAlengine

ChatGPT

>100musers

CodingCo-Pilot

Showntobe~55%fasteron

sometasks

Fewerengineerstohire

AlCustomer

ServiceAgents

Klarna&Cloudwalk

Reportedlargeprofitimprovement

~5xfasterthaninthepast

TeslaSelf-Driving

FSDv12hugeleapforwardvs.

priorrule-basedsystem

100xreductionininterventions

Sourca:AmxancamparythtnanotAcrt2024finineadstCamparydataasofArri2024ChatGPT)KamacompargdatnaeofFotruny2024andCburtwralkcampanydntngctAugist2023WOntomerServceagantstRaymondtengeaeofApri2024

Pacommendatenergrel.GthubResarch,quanityingGultubCaplot'smgactondevekperprocuctiunyandhapgnesarCadngCoBatl;MoomooTectnoogesIhe.MuskaysFSDV12murualnterventonregueney,iscnyonepercentofVIt(feslhl.Hapresenls

COATUE

iistrativeoxampiesolNlunecaoesanindicatad;muynofboroprersertativeofthemvperionoeolallNlurors/products,CampariesarepresentedtoiustratoNunnscaeesonlyandarenatntendedtoreprosentpast,currantorfutureCoatueirnvastments.Theretsnoguarantee

23

thatCoetue'sweweandprolectioneregardingthefuturepotentialofAlareaccurateorthatarnypartcuarCoatuenvestrmentorbundwllboneftfromtheAltrend,Ihformationpresenteddoesnotrepresentinvestmentadvice.SeeAppendx-Diockosuresformportintdiclosures.

ndludingregardngAL

Teplestortetey

GPU

ComputeisthenewOitRacks

Asics

Aliscreating

PhysicalAl

[Hemsnoid

RobolieSurgerySelfdiwngcas

DataCenter

Stargate

SovereignAl

massivechange

acrossentire

Cooling

landscape

AlApps

Customerservice

Uriversalassistant

Power

NuclearDCs

Translomers

Gridupgrade

Copper

Cloud

Edge

EdgeAl

AlWorkloads

AlPC

AlPhone

CoatuecpnionandaratyrisasofApnl2024,Foritzstrafive

dateolthispresertstion,;notinterdedtobeanexhaustielat.Trende

purponesorty.Thetopiesandtrendtsidentfndherernftectecamplos

whereCootuebedeveAlhascrostedchangeasafthe

24

COATUE

identifadhorereAoctCaatua'sassossmentandarosubjoct

tochangnatarytimn.

oT

Costofcompute

Computeisthe"Oil"ofAl...withpotentialforhighpriceelasticity

→Ascomputecostscomesdown,wecanusecomputetohandlemoretasks

“Intelligenceisgoingtobemorelikeenergy

High-valuetasks(buildingAGl,curingdiseases)

.…ifit'sreallycheap,I'lhaveitreadingmy

emailallday,givingmesuggestions,andif

it'sreallyexpensive,maybewe'llonlyuseit

totrytocurecancer.”

-SamAltman,CEOofOpenAl(Mar'24)

Medium-valuetasks(Alassistants,wealthmanagement)

Lowervaluetasks(Taxes,customersupport,delivery)

AlComputeConsumption

COATUE

SourcerLnxFnecmanpodcantinMarch2024(Altrranquoto):ConthueopinionandanalyoieofoomputecontandconsumptienanofApri2024,GnphisprosentedtodisstratageneralrnthtfionshipbotwrenthecastandconsumptionofNlcomputeandnotintendodtorepresentspecifewales.TheresroguaranteettatCoatue'sweweandprgtectioreregardngthetuturepolerliulolNareaccuratearthutanyparticularCoutuenvestmentarlundwibereftfrormtheAltrend.Alinlormathanbasadanavatatiledalaandaresutyecttochargeatarytimobaeadonaddbonslintormntfonrocoivod.SaeAppondox-DesclorurenforaddrionalrnformatianinclucingrugardingAl.

25

..NVDA

is

consistently

pushing

downthecostofcompute

→NewiterationsofGPUsdrivelowercostperunitofcomputeovertime($/TFLOP)

$40

(95)%

$8

$6

$4

$2

ReleaseDate

V100

2017

A100

2020

H100

2023

B100

2024

GB200

2025

COATUE

Sourca;UBS(GPUpricestNVDAfperformanceestimatas);Contueanalysis.Calculafionsbasadonht8TFLOPSQrilonfloafingpointoperationspersocond],shownwithspanty.Ferilustrativepurpososanly.ThereisnogusrantoethatCoatun'sviewsandprojpctfionsrogerdingthefuturepotentialofAlareaccurateorthatanyperticularCoatueinwestmentorfundwilbenefitfromtheAltrend.Figures,estimatesandCoatuecalcutationsbasedonavalabiedataandaresubjocttochangeatanytimebasedonaddtionalinformationreceived.SeeAppendx-

DediosuresforaddtionalintormatonincludingregerdingNl,forwardlockingstatements.

26

Computeisbecomingmorepowerful&inter-connected…

Chips

#of

GPUs

H100

1GPU

Singlecard

Flexible,easytoinstall

Systems

HGXServer

8GPUs

SystemofGPUs

Higherbandwidth

Racks

GB200

72GPUs

Multi-nodesolution

Maximizedensity

Datacenters

Datacenter

>100,000GPUs

x1400

newunitofcomputing"

“Thedatacenteristhe

-JensenHuang

COATUE

Source:NVDAanyparticulsr

HCPWre.FordustrafiheCoatuninvestmentor

purposesonly.FgureearepresentedkerihustratihepurpotsesarlytolustriatekeyANcomporents;actualfgureemuyvary.ThereisneguaranteethutCoatue'sweweandproecltensregardngthefuturepotentslafAlareaccuralearthatfundwllbanofitfromtheAtrand.Ihnformationpresantaddoosnotrepresontniwnstmentadsce.SoeAppondix-Deaclosuresforimportantdisclbsures,incluxingrogardingAl,

27

AirCooling

..Creatingnewpowerchallenges&requiringadvancedcooling

CurrentTechnologies

Directtochip(liquid)

一

Racklevel(liquid)

Future?

LiquidImmersion

Power

H100HGXServerGB200Datacenter

0.7kw6kw120kw>100MW

COATUE

Source:WDAaocurateor

DataCenterFrenler.Forihistrathepurposesonly.FiguresarepresertedlerilustrathvepurposesorlytoihistratekeyAlcomponents,actuatfgureemayvary.ThereteneguwranteethutCoatue'svewsandprogcthensregardngthefuturepotenlulolNarethatanyparticuarContuenvogtrmentarfundwilbenoftfromtheAltrond.ihformationpresentoddoesnotropresantinvostmentadvicn.SooApponda.-Disckosurosforimportantdadlosures,inclidingrogurdingLl

28

Computeisdrivingrapiddatacenterdemand

→lllustrativeScenarios:LevelsofDatacenterCapacityNeededforProjectedFutureGPUs

Potentialgrowth

assuming~25MGPUs

5%CAGR

~3M

Today

Potentialgrowth

assuming~15MGPUs

201420162018202020222024E2026E2028E2030E

COATUE

Sourco:HieloricaldatnfromDatacantarHawk.CoatueestmatanandprogctlennbaeodcurentrierralmoctssandoveralGPUprogectonsandarshaisasofFabruary2024,andsaithocttochurngewithoutrohica.2030EdatacansartoolprntigaproectienbasecdonntoarnalCoatueanalysisandisbasndontheassumptionthatfa,totalGPUeinusewilreach25Mby2030andaverageof1500wattsperGPU.Coatue203CEGPUprojoctionsbasedonintermalCoatueanalysis,inclutingrogardingthenumberofGPLlsrequredtotrainandrun

umergngAlsoltware,andincludaselementsalsubtectiveudtgment.CoutueGPU/Alestirralesescandsomeestimattepublshedbyothermarketpartepants,inclhidingcrrtainsel-sidefrms,andaresubiecttocfarge,ncludingbasedanfuturetechnokegrcaldevelepments.Fardhustrativepurpoeasonly.Logosakoverefloctdustratisoevamplesofcomparieswilhintheapplicstbiesoctorortrendlitod,arenotroonmsssariypaetorcurrortCoatueirnventrmantsandarenotintandedtorepresenthuturernvestrmantsofanewtund.ThereisnogunranteethatCoatue'svewsandproiectionsregardingthefuturepotentialofAlareaccurateorthatanyparticularCoatueinvestmentortindwllbenefitfromtheAltrend.Figures,estimatesandCoatuecaleuationsbasedonavailkbledataandaresubiocttochanoeatanytimebasedonadkitionalinformationrecened.SoeAppandx-DeciosureefaadditioralinformafonnckidingregardingAl,forwardbokingstalements.

30

“Stargate”couldusherinanewscaleofAldatacenters

→IstheFirstSuper-DatacenterisComing?

AverageDatacenterSize(inMWs)

+5x

5GW

Microsoft

…

~

ofdatacentersaddedinthe

USinALLof2023

OpenAl

“Thissupercomputingclustermaycostasmuch

as$100billion,~10-100xmoreexpensivethan

anycurrentMSFTdatacenters”

+10x

~100MW

~1GW

Millions+

Specializedserverchips

Stargate

-Fortune(4/2/24)

10+

Secampus

Pre-AlAlStargate

Est.

COATUE

Source:DatacanterDynamicsPre-NandAldatacentersicesl.JPM(-7GWdatacenteradditionstFortuinefStargatenformationkCoatueinternelestimates,CoatueoprionandaralysisasofFetruary2024.Stargateinformafionisihustrativebasedonpewsrepartsregardnga

potentialMSFTdatacenterprorects.MSFThasnotconfrmedreportsandthereisnoguaranteethisprojectwilcometofution.IlustrativeAldatacentercapacitybesadonGPUpowerrequrementsandothersourcescting1GWdatacenterfaclties.Forilustrativepurposes

tochangeatanytimebasedonaddthonelinformationreoeved.SoeAppendix-DtsclosuresforaddnionalinfomationncludingregardingAl,forwardookngstataments.

onhyThereisnoguarantoethatCoutuesvewsandprojocfionsmgardingthefuturepotentialofAlareaccurateorthatanyparticuikrCoothueinwestmentorfindwilbenefntromtheAltrend.Fgures,estimatesandCoatuecalcuiatfonsbasedonwalhbledataandwresubjnct

31

iutfyalndprojoctionsregafuturepatenfialofirdlcifitfromtheAltrend.Figures,estimatesandCoatuecalcuationsbasedon

25MGPUswouldleadtoapowershortage

→USElectricitySupply-DemandAssuming25MGPUGrowth(inBkWh)

Weprojectpowershortagesarecoming

Electricity

demandif

25MGPUs

Hyperscalerspayingbigpremiums

GridwillneedsignificantinvestmenttohandleAl

USElectricitySupply

Limitedgrowthinthelastdecade

USElectricityDemand

Today

4+yearleadtimes

fornewgaspowerplant.…

20102012201420162018202020222024E2026E2028E2030E

COATUE

Source:HistorncaldatafromEA,Datacenter%ofdemandthramGiidSrategies,BostanConsulingGroup.CcatueestimatesandprojectionsbaeedcurrentinternalmodblsandoveralGPUproiectioreandarshpsisaeofFebruary2024,andsutipcttochangewithoutnalice.

2030EdatacenterfootprintisaprojpctionbasadoninternalCoatueanalysisandisbasadontheassumptionthatn)totalCPUsinusewilroach25Mby2030andaverageof1500wattsperGPU.Coatue2030EGPUprojpctionisbasedonintarnalCoatueanalyss,including

inclidingbasedonfuturetechrolbgicaldevalopments.Fardustrativepurposesartly,LogosabovereflectBustrativeexamplesofcompanieswilhintheapplicablesectorortrendisted,arenotnecesearlypastorcurrentCoatueinvestmentsandaremotintendodtorepresent

regardingthenumberofGPUerequredtotranandrunemergingAlscliware,andncludeselementsofsubteclhejudgnent.CoalueGPU/Alestimatesexceedsomeesimatespublehedbyothermarketpartcipents,inclucingcertainsel-sidefrms,andaresutyecttochange.

32

CouldnuclearpowerplantsbenewlandlordsforAldatacenters?

Waterfor

cooling

1GW

CleanPower

24/7

Newdatacentersite?

Security

DirectPower

Connect-

BypassGrid

AmpleLand

COATUE

CoatueopnionandaralysieasofApnl2024.Forluistrativepurposesanly.ThereisnoguaranteethatCoatue'sweweandproecboneregardngthefuturepotertielofNortsbeneficiares,incudngnuckearpower,areaccurateorthatanypartcdarCoatueirvestmentartund

wilberefitfromtheAltrend.Thereisnondcationorguaranteethatanyinwestmentortundwilbesuccesstuloravoidbsses.Intormatonpresanteddoesnotrepresentinvestmentadwce.SeeAppendix-Disckoeuresforimportantdisclosures,ncludingregardngAl.

DatacenterbottleneckswillrequireEdgeAl

ThinkSlow

Datacenter

Edge

ThinkFast

·TrainingLLMs

·ModelStorage

·Hosting

·Highcost

·Power-intense

·Centralized

Slower

Rational

System2Thinking

Conscious

Complex

Decisions

More

Logical

Quick

Instinctive

System1Thinking

Automatic

Little/

NoEffort

·Inferencing

·Personalizedmodels

·Alassistants

·Cheap

·Energy-efficient

·Decentralized

·Higher

latency

Effortful