Ben Rogoff outlines how rapid advances in reasoning models, surging user adoption and sharp increases in infrastructure spend continue to reinforce AI’s trajectory as the next general purpose technology.

As signs of real disruption begin to emerge, particularly in software and information services, he explains how the team is reducing exposure to some mega-cap incumbents in favour of infrastructure enablers and applied AI use cases. While volatility remains inevitable, he draws parallels with the early internet era and argues that maintaining a long-term focus will be key to capturing the full scale of the opportunity.