Executive Summary
The deep mistrust of Washington DC elites that I felt at last year’s event has almost entirely been replaced by a new sense of optimism over the future, as the policy agenda under President Trump has been significantly re-aligned in favour of many of the attendees at the Summit. Those present included AI start up executives, entrepreneurs, crypto firms, private equity investors, bankers, energy executives and employees of the Magnificent 7 technology giants.
There was a good mix of presenters, ranging from members of the US administration (no Democratic Congress members were in attendance), a wide- ranging list of CEOs, private equity investors and asset managers as well as a useful debate with the Heads of Berkeley and Dartmouth universities to discuss the crisis in US higher education.
From an investor’s point of view, there was a lot to hear from the Silicon Valley leaders that was exciting, including a fascinating presentation by the CEO of Zipline on how drones are being used to save the lives of thousands of women in Africa by supplying vital blood supplies and now expanding into home deliveries of food in the US. What was also clear is how advances in technology are enabling those companies already with the users, the data and the best models to outcompete potential new competition and most importantly in the eyes of many in the US administration, to outdo China.
With the significant number of personnel changes that come from a new incoming administration, together with newly created roles, such as the new AI & Crypto czar, it looked to me as if the tech sector have used their cash donations and public investment announcements in the US to gain a free pass from the US government to release themselves from the shackles of the burdensome Biden administration. The messaging and policies of the Biden era were marked by increased regulation in the sector, leading to fewer mergers and acquisitions, an anti-crypto currency agenda and an interventionist policy on content within the public domain. This unshackling will bring pros and cons, which may be felt differently from the perspective of shareholders in these businesses compared to those who are consuming all of this content within public communities.
Although we are faced with many global challenges, the optimism and excitement that these CEOs generated at the Summit was inspiring, with many companies now leveraging advances in AI into their businesses and I have no doubt that we are in a new technological era that will bring many benefits. This is enabling them to provide consumers with better products and services and, in certain areas, lifesaving treatments.
The value of securities and the income from them can fall as well as rise. Past performance should not be seen as an indicator of future returns. All views expressed are those of the author and should not be considered a recommendation or solicitation to buy or sell any products or securities.
All In Summit
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