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**The Autonomous Revolution: A Transformative Shift in Technology**
For over a decade, our team has been identifying and investing in the most transformative secular and technological trends shaping the future. We believe that autonomous transportation represents one of humanity’s most pivotal shifts in technological achievements, rivaling the introduction of the railroad, aviation, automobiles, and the Internet.
**A Pivotal Moment**
We are at a “pound-the-table” moment for autonomous transportation. The technology is proven, adoption is underway, and we are still in the early stages of growth and market value realization. As investors, this is an exciting time. The market’s reaction to missed deadlines has lulled many into a trough of disillusionment, assuming full autonomy is still far off. In our view, progress is much closer to completion than widely anticipated.
**Tesla’s Lead in Autonomy**
We believe Tesla has created a vast, proprietary technological edge in autonomy, which has resulted in a significant relative unit economic edge. Tesla’s use of real-world data is core to its lead in the race towards autonomy. The more cars on the road, the more scenarios are captured, creating an endless feedback loop of constant improvement. With scalable GPU resources, Tesla’s architecture can train increasingly sophisticated neural networks, allowing for potentially infinite improvement.
**Waymo’s Success**
Waymo’s success should not be ignored. Its sensor suite offers overlapping, redundant coverage with up to 500 meters of visibility. The onboard computer processes these sensor inputs and localizes the vehicle within a highly detailed map of the surrounding urban environment. This approach requires Waymo to first map an urban area before launching its autonomous service, resulting in a slower rollout in geofenced cities.
**Economic Opportunity**
We envision three key revenue streams for providers of autonomous software: increased productivity, reduced costs, and new business models. Autonomy has the ability to similarly revolutionize how people and things move around the world, reducing friction. The market has yet to fully price in the scale of this opportunity.
**Staying Ahead of the Curve**
We want to stay positioned ahead of the curve. Autonomy is not a far-off dream – it is here, and the growth potential is massive. As investors, we believe it is essential to be positioned for the rise of autonomy; sitting on the sidelines would amount to professional malpractice.
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