Katie Martin

So there's no escaping it.

And increasingly, there's no escaping it, not just in the stock market, but in the corporate bond market.

And in private markets, there's an awful lot of private credit, private equity, venture capital, capital that, again, is all contingent on this one thing.

of AI hitting that sweet spot where it enhances efficiency and it's monetizable, but it doesn't work so well that it puts us all out of a job.

You know, if it wasn't for the fact that Trump was threatening to invade Greenland, we would probably still obsessively be talking about this all of the time.

It does remain a very pressing danger for global markets.

And investors that I speak to are very conscious that they are kind of accidentally very overexposed to this.

What you're saying is we can put all the chief execs out of work and all of the workers share the profits?

Is that where we're going with this?

It's the great socialist revolution in AI form.

Survey data around who uses AI and what kind of, you know, utility they get out of it are kind of all over the place.

You know, that rings true to me, but

So one little anecdote here, we do this thing at the FT called Weekend Festival.

And last September, one of the speakers there was Nikolai Tangen, who runs the Norwegian Oil Fund, a gigantic pot of money in Norway, like $2 trillion.

And he loves his AI.

And he was talking about, you know, he was asked on a session about, you know, how do you get people within the oil fund to use AI?

And he said, oh, it's very simple.

You have to be, and I quote, a maniac about it.

You need someone at the top of the organization who effectively forces it down people's throats day and night, mandatory training, drop-in sessions, champions on every team, constantly getting everybody in the building, and they employ hundreds of people, to use AI to make themselves more efficient.

And I thought, huh, if this stuff is so useful, why do you need...