Investing in the future replacing the past.
AI is the most transformative technology of our lifetimes. We started Milton Maxwell to back the companies building it, from the earliest startups to the largest public companies. We're based in San Francisco, blocks from the Dogpatch offices of OpenAI, Nvidia, and Y Combinator.
Seed to public, one research process.
We write checks into early-stage startups and take positions in late-stage private companies. In the public markets, we run a concentrated book: long the frontier, short the incumbents they're displacing. The same research runs through all of it. The signal that moves a stock is mostly text now, and AI lets us read all of it.
We invest in the technology we built.
We're Charlie Yuan and Alex Soong, engineers by background. Charlie helped start Lyft's self-driving program, after graphics at Nvidia. Alex built one of the first DeFi platforms, after engineering at Apple and Square. We also run SF Patchworks, our own incubator in San Francisco for early-stage founders.
We publish the work behind our investing.
Long essays on AI and macro, plus regular notes on the public companies we follow. Recently, a preview of China's 15th Five-Year Plan and a framework for valuing great companies.