Investment Strategy
Unlocking Value in Complex and Dislocated Markets
While America retrofits legacy infrastructure, India and Saudi Arabia are building from scratch.
The U.S. has the technological lead on AI models, but what is not being talked about enough at the enterprise level is the fact the legacy infrastructure they run on is not fit for purpose. For two decades, American enterprise software has been optimized for visual interfaces designed for human users. Today’s AI agents are forced to navigate these billion-dollar platforms by simulating human behavior—browsing, typing, and clicking through browser automation.
Companies are planning AI-driven workforce cuts faster than they are deploying AI itself. According to McKinsey’s 2025 workplace survey, 32% of organizations expect to reduce their workforce due to AI within the next year, yet most haven’t scaled AI enterprise-wide.
America needs strong, prosperous allies to maintain markets for our technological leadership in AI development and deployment. But right now, our allies (especially in Europe) are struggling industrially and our traditional response is inadequate.
For all the billions poured into AI deployments, the project attrition rate has been extraordinary. MIT research showed that 95% of GenAI pilots failed to achieve rapid revenue acceleration, while S&P Global found that 42% of companies abandoned most AI initiatives in 2025, up from 17% in 2024.
When Nvidia convinced the White House to sell downgraded chips to China, critics warned it would undermine U.S. security and erode our AI advantage. In reality, it was a win-win, driving growth in both countries while protecting America’s technological lead.
In the debate about the impact of automation and agentic AI on the American workforce, there are two camps: those sounding the alarm on massive job displacement and those who want to know which specific roles will be eliminated. The difference is stark. Vague warnings will likely only lead to panic and bad policy responses. But, as a country, if we know which jobs are at risk, we can prepare, retrain, and adapt.
