Ownership Network Map
Who owns stakes in whom, subsidiaries, strategic investments, + the AI-lab ownership web. Companion: AI Lab Ownership Map, Knowledge Graph.
Strategic Stakes + Subsidiaries (holding → what it owns)#
| Holding | Owns / major stakes in | Significance | |, -|, -|, -| | Tencent | Sea Limited, Epic Games (~40%), Riot Games (100%), Supercell (majority), Spotify, Universal Music, Meituan, + 100s of startups | A vast investment portfolio = embedded value; "Tencent → owns stake in Sea Limited" | | Alphabet | Waymo (autonomy), Google DeepMind, YouTube, Fitbit; acquiring Wiz | Owns the AI lab (DeepMind) + autonomy optionality | | Amazon | AWS, Twitch, MGM, Whole Foods, One Medical, Zoox; stake in Anthropic | Anthropic stake anchors frontier-AI demand to AWS | | Microsoft | GitHub, LinkedIn, Activision Blizzard, Nuance; ~49% economic interest in OpenAI (commercial) | OpenAI tie = frontier-model edge | | Meta Platforms | Instagram, WhatsApp, Reality Labs; stake in Scale AI | Owns the social graph + open-model (Llama) effort | | NVIDIA | Stakes in CoreWeave + numerous AI startups (ecosystem investing) | Seeds + locks in its own demand ecosystem | | BioNTech | InstaDeep (AI drug discovery), Biotheus (BNT327 rights) | AI + pipeline build-out | | Salesforce | Slack, Tableau, MuleSoft; acquiring Informatica | Data/AI platform build | | Constellation Energy | Acquiring Calpine | Gas + retail scale | | Vistra | Acquired Energy Harbor | Nuclear + PJM scale | | BYD | FinDreams (batteries), BYD Semiconductor, BYD Electronic | Vertical integration = the moat |
Who Owns The Holdings (notable external owners)#
| Holding | Notable shareholder | Note | |, -|, -|, -| | BYD | Berkshire Hathaway (historically large; reducing) | The famous Munger/Buffett EV bet, now being trimmed | | TSMC | Broad institutional; ADR vs Taiwan listing | National-strategic asset | | Tencent | Prosus/Naspers (large historical holder) | Overhang from gradual selling | | Founder-controlled | Meta Platforms (Zuckerberg), Alphabet (Page/Brin), NVIDIA (Huang influence), Tencent (Ma), BYD (Wang), Zscaler (Chaudhry), Roblox (Baszucki), MercadoLibre (Galperin), Li Ning (Li Ning), BioNTech (Şahin/Türeci) | High insider alignment across the book |
Founder/insider alignment is a portfolio-wide feature: a large share of holdings are founder-led or founder-controlled, consistent with the fund's "back excellent long-term operators" philosophy (Fund Philosophy & Process).
The Cross-Ownership Insight#
The hyperscalers don't just buy AI, they own the labs:
- Microsoft → OpenAI
- Amazon + Alphabet → Anthropic (both invested)
- Alphabet → DeepMind (wholly owned)
- Meta Platforms → in-house (Llama, FAIR) + Scale AI stake
So the fund's hyperscaler holdings give indirect exposure to the frontier-model labs without owning them directly. → AI Lab Ownership Map.
Linked Notes#
- AI Lab Ownership Map · Knowledge Graph · Competitive Landscape Map
- Holdings: Tencent · Alphabet · Amazon · Microsoft · Meta Platforms · NVIDIA · BYD · BioNTech