Decentralization

The megatrends I’m spending the most time on: 1: AI + biotech economics AI-designed drugs are reaching human trials. The bigger opportunity is whether better discovery translates into fewer expensive failures and more approved medicines per dollar of R&D. 2: The AI infrastructure buildout Growing AI usage requires more computing capacity, networking, cooling and power. I’m interested in the companies solving the physical constraints on that expansion. 3: Domestic energy production, especially nuclear Energy security is bringing renewed attention to domestic nuclear capacity. Reactor restarts, upgrades and fuel supply chains are worth watching alongside the development of new reactors. 4: Tokenization and onchain finance Tokenized securities are moving into real transactions, including recent trades using DTC-tokenized assets. The opportunity is making assets easier to transfer, settle and use as collateral, with stablecoins developing alongside them as payment infrastructure. DTCC · BIS 5: Grid modernization and energy storage Generating electricity is only part of the challenge; delivering it when and where it’s needed requires investment. Transmission, transformers, batteries and grid software all deserve attention as electricity demand grows. 6: AI agents and the economics of services Businesses are starting to delegate complete tasks to AI. If that becomes reliable across more workflows, small teams could deliver services at a scale that previously required much larger organizations. Anthropic 7: Robotics and physical automation Factories now operate roughly five million industrial robots worldwide. Better machine intelligence could make a wider range of physical tasks economical to automate. 8: Defense modernization NATO allies have committed more than $40 billion to counter-drone capabilities over five years. I’m watching the growing importance of drones, sensors and the systems needed to detect and defeat them. NATO 8: Critical minerals and secure supply chains Electrification increases demand for copper and other strategic minerals, while concentrated production creates supply risks. Mining, refining and recycling are becoming central to industrial security. 9: Cybersecurity and digital identity AI is helping attackers operate faster and at greater scale while introducing new systems that need protection. Verifying identities, controlling access and securing AI agents should become increasingly valuable. Microsoft 10: Collectibles and Unique assets In a world where production cost trends to zero, the wealthy will allocate to items with provenance and irreproducibility (classic cards, gemstones, gold, etc) 11: GLP-1s and metabolic medicine These medicines are expanding beyond weight management into indications including cardiovascular risk reduction and liver disease. I’m watching how broader clinical uses reshape demand, manufacturing capacity and access to treatment. 12: Water infrastructure and reuse Growing water insecurity is strengthening the case for treatment, recycling and industrial reuse. Reliable water supply could become an increasingly important constraint on where cities and industries can grow. Plan it to make videos on each one