Twenty-five-year sentiment indicators have neared peak negativity, but Coatue doesn’t buy it. At the 2025 East Meets West Conference, Coatue’s Philippe Laffont and Thomas Laffont, both co-founders of the conference, shared their keynote address on the state of the markets, outlining their outlook on the macroeconomic landscape and the public and private markets.
AI leaders
They noted that major waves of innovation drive technology, with artificial intelligence bringing a major swing in 2025 and beyond. The Coatue team named NVIDIA, Broadcom, Oracle and OpenAI as leading the charge in AI.
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As technology led the way, it also resulted in outperformance versus the broader market. According to Coatue, $1 invested in the Nasdaq 100 in 1985 is now worth $228 today. Meanwhile, $1 invested in the Dow Jones Industrial Average at the same time is worth just $90.
They questioned whether AI will reach 75% of the total U.S. market cap, noting that it stands at around 30% to 40% today.
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