Masters in Business · Friday, September 18, 2026
Glen Kacher highlights that his firm's 'AI5' – a concentration of NVIDIA, AMD, Broadcom, TSMC, and previously Microsoft – significantly outperformed the 'Mag7' in 2024. Microsoft was later removed due to perceived stumbles with OpenAI but has since been re-added.
“So those four companies plus Microsoft you described in 2024 as the AI5, and while everybody was focused on the Mag7, the AI5 significantly outperformed the Mag7 that year.”
“It's a great question, yeah. I'd say the company that's kind of been in and out of our portfolio, mostly out, has been Microsoft. And their early lead with OpenAI, they, in our opinion, kind of fumbled that.”