0. Core thesis: Not agentic-first? Uninvestable! Companies without a company brain, a living memory of their data, decisions and know-how that agents can act on, will not scale with AI. They add headcount instead of leverage. That's where capital will stop flowing. 1. AI is not a bubble. It is the largest capital reallocation of our lifetime — an infrastructure supercycle across compute, energy and data, and we are still early. 2. The internet is being rebuilt for machines. From browsing to asking, from clicking to doing. Agents, not users, will define usage and demand. 3. Agents don't click. They execute. UI is legacy, APIs are distribution. Execution replaces attention as the primary battleground. 4. In AI, Europe's edge will be trust, not intelligence. Data protection, sovereignty and open source are infrastructure and create a structural advantage for defensible AI systems. 5. Finance is becoming programmable and agent-native. Stablecoins, real-world assets and onchain markets, combined with institutional adoption, create a perfect storm for autonomous capital and agent-driven trading. 6. Non-engineers become CTOs. When everyone can build, everything gets built. AI removes the build bottleneck and unleashes an explosion of founders, products and companies. 7. Robotics is AI's real endgame and it scales itself. Once machines design, build and deploy machines, growth decouples from human labor entirely. 8. Longevity is the next trillion-dollar asset class and AI is the unlock. When AI meets biology, health becomes predictable, preventable and personal — and the companies owning the loop between data, diagnostics and intervention will define the next era of healthcare.