We believe that artificial intelligence is ushering in an unprecedented period of abundance through accelerating innovation cycles (i.e. the feedback loop between a discovery and its practical implementation is closing quickly). To ensure humanity sustainably benefits from AI’s innovations and achieves abundance, natural resources must keep up with its pace across all sectors. Therefore, we study how technological acceleration and resource constraints create structural mispricing across public and private markets.

In artificial intelligence, we take a full-stack approach to research the economics of AI infrastructure, capability diffusion, automation, energy demand, compute, and the second-order effects of abundant intelligence across markets. In natural capital, we research the repricing of energy, water, land, minerals, ecosystems, and other forms of natural capital as economic growth encounters increasingly binding physical constraints.

Our work combines macroeconomic research, fundamental equity analysis, technology assessment, and risk analysis to identify where consensus expectations diverge from underlying economic reality, and a differentiated view of risk and return is available.

Our ultimate objective is to produce research that helps capital move toward AI-induced growth at the frontier and unlock more natural resources, with respect to long-term civilizational progress.