Swisher: AI startups will have lower gross margins but higher operating margins
Lucas Swisher · Insights from Coatue's Growth Investor Lucas Swisher · 20VC with Harry Stebbings · Feb 23, 2026 · at 35:24
Lucas Swisher is co-lead of growth investments at Coatue. He argues that AI automation will allow startups to run leaner engineering, sales, and legal teams, ultimately boosting operating margins.
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“Your terminal operating margin may actually be higher in this world than the last world. Your gross margin might be lower, but your operating margin, which is ultimately at the end of the day is really what matters, may end up being higher.”
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