Andrew Homan & Chris Miller - Redefining Semiconductor Progress

**Patrick O'Shaughnessy** (0:00)
Two fun facts about our newest sponsorship partner, RAMP. First, they are the fastest growing fintech company in history, reaching a level of revenue in five years that I can't quote exactly, but is eyebrow raising. Second, they are backed by more of my favorite past guests, at least 16 of them when I counted, than probably any other company that I'm aware of. A list that includes Ravi Gupta at Sequoia, Josh Kushner at Thrive, Keith Raboi at Founders Fund and Coastal Ventures, Patrick and John Collison, Michael Ovitz, Brad Gerstner, the list goes on and on. These facts demand the question, why? Having been personally obsessed with the great businesses through history, one clear lesson is that the best of them are run by disciplined operators. These operators manage costs with incredible detail and they are constantly thinking about how they can reinvest every dollar and every hour back into their business. This is RAMP's mission to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. First on expenses, the average American business has a profit margin of 7.7%. This means saving 1% on costs is the equivalent of making 13% more revenue. The average RAMP customer is able to save 5% on their expenses each year. Of course, every entrepreneur is looking for ways to grow revenue by 50%. They should just as seriously seek to save 5% on their expenses. Second on time, unnecessary complexity is why most finance teams spend 80% of their time doing operational work and only about 20% of their time on strategic work. RAMP makes spend management very simple by handling your company's expenses, travel, bill payments, vendor relationships, and even accounting. It's notable that some of the best in class businesses today, companies like Airbnb, Anduril, and Shopify, and investors like Sequoia Capital and Vista Equity are all using RAMP to manage their spend. They use it to spend less, they use it to automate tedious financial processes, and they use it to reinvest saved dollars and hours into growth. At both Colossus and Positive Sum, my businesses, we've used RAMP for years now for these exact reasons. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus. That's ramp.com/invest. This episode is brought to you by Tigus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts with over 25,000 transcripts added just this year alone. What sets Tigus apart? It's not just the sheer volume, it's the unmatched speed at which our library expands, consistently outstripping competitors. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Our collection is investor-led, ensuring unparalleled quality and giving you access to questions and topics investors care most about. Plus, with 75 percent of private market transcripts available exclusively on Tigus, we offer insights you can't find elsewhere. Forget the traditional way of doing things, with Tigus, you have the most comprehensive, insightful and rapidly growing transcript library at your fingertips. See the difference that a vast, quality-driven transcript library makes. Unlock your free trial at tigus.com/patrick.
Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts, and you can access all our podcasts including edited transcripts, show notes, and other resources to keep learning at joincolossus.com.

**SPEAKER_2** (3:29)
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit PSUMVC.

**Patrick O'Shaughnessy** (3:58)
My guests today are Andrew Homan and Chris Miller. Andrew has spent two decades at Maverick Capital and is a managing partner at Maverick Silicon, where he leads the firm's technology investments. Chris is a professor at Tufts and the author of the New York Times bestselling book Chip War, which details the geopolitical battle to control the semiconductor industry. Today, we get into a comprehensive discussion on the semiconductor ecosystem and the silicon backbone of our digital age. Andrew and Chris share insights on how venture capital is navigating this complex industry and what it means for the future of computing. We discussed the AI-driven revolution in chip demand, the geopolitics of semi-manufacturing, and the next wave of innovation behind Nvidia. Please enjoy my conversation with Andrew Homan and Chris Miller.