Baker and Khaira Map the Infrastructure Bottleneck at Sohn New York 2026

Gavin Baker and Jas Khaira covered more territory in 25 minutes than most panels manage in an hour. Baker, managing partner and CIO of Atreides Management, and Khaira, head of Blackstone N1, the firm’s unified AI and technology investing platform, opened their Sohn New York 2026 conversation on May 12 with a question about mental models and closed it on orbital compute. Between those poles lay a thesis on memory cycles that Baker called the most important judgment call of his career, a defense of Taiwan Semiconductor’s capital discipline, and an argument that Amazon’s Trainium chips are the most underestimated AI play in the market.

Baker founded Atreides in 2019 after eighteen years at Fidelity Investments, where he ran the $17 billion Fidelity OTC Portfolio and compounded it at roughly 19.3 percent annually over his eight-year tenure, outperforming over 99 percent of Morningstar peers. Khaira, a twenty-year Blackstone veteran who relocated to San Francisco to lead the firm’s dedicated AI investing arm, brought a principal investor’s lens. Their exchange moved fast. Khaira opened by asking where Baker’s edge actually comes from. The setup mattered because the answer shaped everything that followed.