Geopolitical and macroeconomic volatility has reinforced commitment to global diversification, with 50% of investing activity outside the US for 15-20 years.

Sustained commitment to China since 2001. As second largest economy and innovation center (e.g., green tech), it offers significant opportunities. Investors would miss out by not being active, despite increased complexity due to US-China geopolitics.

Must combine micro and macro. The macro context for China is more complex, leading to more investment restrictions.

Fundamental view: Trump administration is pro-business, pro-market, positive for business. They've encouraged global commerce and investment, were constructive on TikTok, finding a solution to keep it available safely.

Convergence of technology and national security creates investment opportunities but must be accounted for. Geopolitical risk is now the primary macro driver, surpassing traditional concerns like GDP growth, inflation, and interest rates.

Business leaders are better at navigating the external environment. M&A will come back significantly. The Trump administration's pro-business environment is a key catalyst after a tough period of unconventional antitrust and heavy SEC regulation.

From an M&A point of view, it will be the most active market seen in a decade. Companies see a good economy and rates turning down (flat to down) as a very good environment for strategic consolidation.

Advises entrepreneurial CEOs to invest in building a great team to gain capacity to manage the external environment. GA acts as an active partner to help navigate complexity and think creatively about M&A.

Most software business models are durable, especially applications integrated into business processes with embedded data. AI is a potential enhancement, not a risk. The main change is valuation, which has normalized from 10-12x revenue at the 2021 peak back to about 4x revenue.

AI is the fifth major tech cycle (like PC, internet, mobile, cloud), potentially a super-cycle. The massive spending by tech giants signals their conviction in almost infinite demand for AI ('intelligence on demand') over the next 4-5 years. Shifting from asset-light to heavy investment is a good bet given the strong demand.

Not concerned about a bubble. The level of spending is justified by the anticipated demand.