1/ After I left @Davos, I realized how unusually clear the conversations were. I’m grateful to @AjeetK and @0xRonak for hosting me at @DavosWeb3, because it showed me what the smartest investors in the world are actually doing right now. I have 5 key takeaways from Davos:

2/ Agentic AI is entering deployment - The focus has shifted from LLMs to agentic AI, as we move from copilot to autopilot. The constraint is no longer code but the energy and physical infrastructure required to support autonomous execution. Nuclear capacity and copper are emerging as the new bottlenecks. So if you're still focusing on generative AI, you're behind. 💾

3/ Onchain infrastructure is maturing - Web3 discussions around crypto have evolved from price speculation to utility. Banking the unbanked billion is moving from slogan to real strategy via stablecoins, with legacy institutions preparing to move real assets on-chain. Stablecoins are increasingly viewed as rails for cross-border B2B payments, not just trading instruments. 💱💱

4/ Capital allocation is rotating toward hard assets - Trust in fiat systems is declining, with capital flowing towards gold, @Bitcoin, silver, copper, and energy, as capital preservation moves up the priority stack. Return of capital now matters as much as return on capital. 🥇🪙 Hard assets are the new safe haven.

5/ Japan remains a systemic risk vector - Japan came up repeatedly as the stress test for sovereign debt sustainability. With debt-to-GDP above 200% and yields turning volatile, Japan is being viewed as the canary in the coal mine. If the JGB market cracks, the liquidity shock will be global. Watch the yen. 🇯🇵

6/ Geopolitical alignment is reshaping markets - Globalization is fragmenting 🌎. Multi-aligned nations are refusing to pick sides between US and China. Supply chains and capital flows are being redesigned around political alignment. Geopolitical risk now sits permanently on the balance sheet.

7/ Bottom line - We're entering an era of hard tech and hard money. Digital systems in AI and Web3 are colliding with physical constraints in energy and commodities. Now, the financial layer built on debt and fiat faces a real stress test. As I make my way back from the crisp weather, it's the many conversations that will stay with me as I plan for the year. Glad to have spoken with some of the best minds @RayDalio, @loukerner, @michaelhealyco, @paragkhanna, Alexander Hoffman from Susty Ventures, @f_veloso, @helgosson @PSG_English Labs, Michael Kosic @LoyalVc , @GauravDubeyLive, @Scaramucci, @ysiu, @byuric, Dr. Jonathan Chang @0G_Foundation, Jeffrey Schwartz @dentityme, @jackjayio, @theaadedewe, @shrugggd, @MagnusGrimeland, Edward Knight and Alex Manson @scventuresDNA. #Davos2026 #AI #Web3 #MacroEconomics #Geopolitics #Leadership