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Azeem Azhar's Exponential View

Davos 2026 and the end of the rules-based order

29 Jan 2026

Transcription

Chapter 1: What were the significant events on day one of Davos 2026?

0.031 - 4.275 Azeem Azhar

Welcome back to Exponential View. I'm Azim Azhar, and this is a special episode.

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Chapter 2: What three recurring themes emerged during the week?

4.535 - 17.746 Azeem Azhar

A collection of live dispatches I recorded on the ground at Davos 2026. Over four days at the World Economic Forum's annual meeting, I brought you into the corridors, the queues, and the conversations as they happened.

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Chapter 3: What insights were shared during Mark Carney's speech?

18.026 - 29.076 Azeem Azhar

From the unprecedented buzz around Donald Trump's arrival, Mark Carney's stirring call for sovereignty, and the practical realities of AI adoption in enterprise.

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Chapter 4: Why are European leaders emphasizing the need for sovereignty?

29.056 - 31.599 Azeem Azhar

This is Davos as I experienced it.

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Chapter 5: What factors made technological sovereignty urgent at Davos 2026?

37.906 - 58.911 Azeem Azhar

On day one, I had just arrived at the Congress Center. The big story everyone was talking about was, of course, Trump. He would be speaking in a couple of days and the geopolitical tension was palpable. But to begin with, my focus was tracking three things, the state of AI and its move into enterprise, the startup ecosystem, and the energy transition.

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58.891 - 70.447 Azeem Azhar

Welcome everyone, it's Azeem here and I'm in Davos for the annual meeting of the World Economic Forum. This is day one of some very brief Substack Live reports I will give.

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Chapter 6: What were the key discussions around AI adoption on day four?

70.807 - 75.193 Azeem Azhar

Donald Trump is going to be here. He's going to be speaking on Wednesday.

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Chapter 7: Why is there a case for using only open source models in AI?

75.213 - 95.907 Azeem Azhar

It is a momentous moment, I think, given all of the tensions in the world today. The geopolitics of it, shall we say, is a little bit frenetic and frantic. We have had, of course, Venezuela, but now the Greenland issue and the frictions between the US and European nations, many of whose leaders are going to be here, Macron speaking as well this week.

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Chapter 8: What are the overarching themes from the week at Davos 2026?

96.127 - 115.463 Azeem Azhar

So that is perhaps part of the overarching mood. It's meant that there are more political leaders than usual here. Of course, the other thing that is going on and the other major question is our world, is artificial intelligence. And Again, this year, lots of the top bosses from the AI firms are in town, lots from Anthropic, from Cohere, from You.com.

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115.483 - 130.045 Azeem Azhar

I've already seen a number of them so far today, and many of the key investors who are involved. So what am I looking out for? I've got a pretty busy schedule of meetings and conversations. Probably best to put them into three categories.

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130.205 - 147.209 Azeem Azhar

One category is really all about what's happening with AI, with AI in the future of work, in its deployment in the enterprise, how the foundation model companies are evolving and developing. We expect to see two IPOs this year from Anthropic and from OpenAI, if the rumors are true.

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147.489 - 165.358 Azeem Azhar

The second thing that I will be spending a lot of time on is working with some of the fantastic startups that you show up here to try to understand what's going on in startup development growth funding. And it's a great chance for me to talk to some of the fastest growing companies in deep tech, the founders who generally make their way here.

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165.338 - 183.348 Azeem Azhar

And the final part that I will be spending time on will be around the energy stack and the energy nexus. So what happens with the energy demands of AI? What happens with our decarbonization? More importantly, what happens with the growth of renewables and how the grids transition?

183.428 - 190.84 Azeem Azhar

One of the things about the World Economic Forum's annual meeting is that it brings together the people who actually have to deliver all of this in reality.

190.82 - 203.798 Azeem Azhar

And they work at a different clock speed to people who are perhaps reading Exponential View, where we look at this long term trend and we can see the direction, which is it is a solar powered grid supported by certain types of other clean power and batteries.

204.159 - 224.292 Azeem Azhar

They are the ones who are sitting on today's mostly fossil grids having to figure out how to go from A to Z. So those are the three things that I am spending time on so far. It's hard to pick up the mood right now. Last year, certainly the mood was very negative on Europe in those first couple of days. So far today, there's just been a lot of running around. It's not particularly cold.

224.352 - 246.389 Azeem Azhar

There is, of course, as we know, this huge USA house that is occupying quite a lot of space in this church. And I will be very intrigued to see how that all plays out over the next couple of days. This was day three, and it was a momentous one. Donald Trump's plane had just landed in Zurich, and the queue to see him speak stretched further than I'd ever seen at any Davos session.

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