TMTB: SOHN Conference Tech pitches; APP, U, RDDT, GOOGL, AMAT Memory & More
Summary of Presenters:
Ryan Packard, Hiddenite — Long APP
Rahul Kishore, Epicenter — Long AXON
John Yetimoglu, Infinitum — Long U
Jon Lennon, Pleasant Lake — Long RDDT, Korea value
Kevin Salimian, Lone Pine — Long IFX GY
Alex Sacerdote, Whale Rock — Long TTMI, GOOGL
Leon Shaulov, Maplelane — Long LRCX, TXN, IFX GY
Gavin Baker, Atreides — AI macro (memory, compute, Trainium, neoclouds)
Eduardo Marques, Pertento — Long MU/SK Hynix/Samsung Life, Korea
Jacob Rubin, Philosophy Capital — Long GLXY, NOK, KYIV
Andrew Bellas, General Growth — Long CVNA
Alex Silver, Ananym — Long BWXT
AI Software & Platforms
Ryan Packard, Hiddenite Capital — Long AppLovin (APP)
Packard’s framework: AAA — Adept, Advantaged Allocators. Prior picks fitting this mold: AVGO, FIX, TDG, CSU.CN.
APP is an AI-powered performance advertising platform that helps customers find the right users. Performance-based model means spend is measurable, which drives reinvestment. Proprietary engine delivers excellent returns. Over five years, APP has posted the best revenue CAGR in the market and leads the S&P in profitability. In 2025, FCF generation was extraordinary for a company its size.
The company has reinvested 100% of FCF into M&A while maintaining ROIC above 25%. Packard expects 25% annual revenue growth and sees the stock doubling to $1,000+ in three years on 20x $50 of EPS in 2030. Could become a trillion-dollar company within seven years.
Rahul Kishore, Epicenter Capital — Long Axon Enterprise (AXON)
Epicenter is an AI-native firm running full-fledged AI agents (e.g., “Eve”). Thesis: agents × humans = higher performance.
AXON is a $30B company and one of the best compounders over 30 years, still growing 30%+. Three core platforms:
Taser — $1B revenue, growing 20%. Body cameras — $1.7B, hardware + software bundle. AI Era — just beginning.
Draft One uses body-cam footage to auto-generate police paperwork, saving officers ~11 hours per week (67% time reduction). Axon Vision can identify a car crash and deploy a drone immediately; it also listens to 911 calls and shares intel with first responders in real time.
Body-cam content library is already 200x the size of Netflix. Software margins are 85% today. The new AI-era plan prices at $575/month vs. $99/month today — a massive revenue and margin boost. Year-one bookings already hit $750M, growing far faster at this stage than either legacy business ever did. Will become the largest segment.
Valuation is at decade lows, caught up in the SaaS drawdown. EV/EBITDA at 30x. Kishore sees the stock doubling and revenues tripling over three years as the market recognizes AXON as an AI winner.