Tag Archives: ChatGPT

Some thoughts on Vibe Coding, SaaS vs AI (10 Moats) and Guidewire Software

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Executive Summary:

This post does not contain any actionable investment advice but rather some personal ramblings on Vibe coding and the attempt to analyze a specific Software company (Guidewire) according to a Template of 10 Moats for Software companies and their vulnerability to the AI threat.

Introduction:

My track record as a Software investor is to put it mildly, very poor. My best Software Investment so far is Chapters Group which I bought as a net-net before it even became a VMS Serial Acquirer. My blog and portfolio archive also tell me that I sold Microsoft in 2011 at ~25$ per share with a 4% gain because I thought that the Office products had no future. So please take everything I say about Software with a grain of salt or even better, just ignore it.

I do have a background in Software development. Although I would not call it Software development but “Code butchering”. It started as a teenager on a C64 with Basic and Assembler and ended in the late 1990s with Cobol/PLSQL working for a large US Consulting Company (yes, I was young and needed the money). Knowing the speed of financial institutions, I would not be surprised if some of my Spaghetti code would still be running somewhere….

Why am I saying this ? Because of course, Software stocks have been doing quite poorly over the past weeks/months. In addition, I also had the opportunity to play around with Claude Code first hand. 

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Biontech: Checking in once again & using LLMs to value the Pipeline

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Disclaimer: This is not Investment advice. PLEASE DO YOU OWN RESEARCH:

Management summary (Spoiler):

After selling Biontechs a few years ago, I reviewed Biontech once again by using LLMs to evaluate the development pipeline. Although this was an extremely interesting exercise, it is not an investment for me for the time being.

Background:

Biontech is a company I have owned in the past and written about. It became famous because they were the first to develop a MRNA based vaccine against Covid which they sold worldwide together with Pfizer.

My initial write-up can be found here, a follow up here.

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Random ramblings on AI

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You didn’t ask for it but you get it nevertheless: Some random thoughts on various aspects of Artificial Intelligence. Spoiler: No actionable insights (I think).

Gemini 3.0. vs. Nvidia

Google Gemini 3.0 seems to be a really good model. I am currently using it with my prompts and it seems a little bit better but not that much.  NotebookLM seems to have improved a lot.

However, according to various sources, the model was trained and runs exclusively on Google TPU chips. The Nvidia Bulls keep saying that Nvidia has such a large advantage including their software, that those ultrafat margins will persist for many years as there is no alternative. I am not so sure about this. 

This is the EBIT margin development of NVIDIA since 2002:

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Was this the “Karpathy Moment” for the AI Industry ?

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Who is Andrej Karpathy ? Born in Slovakia and despite only 38 years young/old, he is already an AI “Veteran” having initially studied under AI Godfather Geoff Hinton in Canada, did internships at Google Brain and DeepMind, Co-founded OpenAI, was leading AI at Tesla, went back to OpenAi and now is focusing on teaching AI to everyone who would listen.

Since I discovered his Youtube educational Videos, I am following him because when he speaks about something, there is always a lot to learn. 

Yesterday, he did a 2 hour interview with maybe the best current “AI Podcaster” Dwarkesh Patel. Those two hours are quite dense and I had to use Gemini in parallel to understand some of the stuff, but at least on my Twitter timeline, it raised quite a “storm in the teacup” among AI “experts.

Here are some of his main talking points (as far as I understood them):

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