At the 2026 Sohn Conference, Gavin Baker, CIO of Atreides Management, emphasized Amazon's Trainium as the most undervalued AI chip, predicting its significance will mirror that of Google's TPU by 2026. Baker also highlighted TSMC's conservative expansion strategy as a key factor in preventing an AI market bubble, contrasting with NVIDIA's capacity demands. Baker forecasted the feasibility of space-based data centers within two years, potentially disrupting traditional ground-based infrastructure by the decade's end. He also noted a shift in AI revenue models from subscription to pay-per-use, likening it to mobile overage fees, which could accelerate revenue growth. Baker's insights underscore his contrarian investment approach, focusing on undervalued assets and market cycles.