Investing in the future replacing the past.
AI is the biggest technological shift 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, hold positions in growth-stage private companies, and run a concentrated long/short book in the public markets. The same research runs across all three.
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 technical 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.