There was a significant rise in “Physical AI” robotics through November, but December showed how a software-based autonomous AI layer is now taking shape. Investors are seeking agents capable of executing end-to-end operation workflows over smarter assistants.Investors are seeing the real-time functional shift in how AI is developing. It is moving from advisory support to the practical delegation of action. AI systems used to only suggest improvements, but now we are seeing independent task execution, such ...

Summary of Key Points from the Conference Call Industry Overview - Emerging Markets (EM) are expected to lead global equity returns over the next decade, with a projected Compound Annual Growth Rate (CAGR) of 11%, compared to approximately 7% for the US and developed markets [2][3] - Global equities are forecasted to deliver a 7.7% USD CAGR over the next 10 years, despite high valuations, which is positioned at the 35th percentile of historical 10-year rolling returns since 1985 [2][3] Core Themes in Asia - Positive outlook for Asia equities in the coming months, with notable earnings revisions: +70 basis points in September and +340 basis points in October [7][8] - Key themes influencing market trajectory through Q1 2026 include US reindustrialization and China's investment in industrial technology [7][8] - The concept of "Little Giants" in China is highlighted as a significant alpha theme across Asia, indicating numerous investment opportunities [7][8] Investment Opportunities in India - Continued interest in the overweight (OW) position on Indian stocks, despite concerns about competition from North Asia and India's positioning as an 'anti-AI' play [10][11] - The lagged impact of policy easing is beginning to reflect in macroeconomic data, supporting the bullish stance on Indian equities [10][11] - A list of top 14 buy ideas in India is provided, with particular emphasis on MakeMyTrip and Eternal (Zomato) [10][11] AI Investment Landscape - Current AI investment trends are compared to the pre-Tech Bubble of 2000, suggesting that the current surge resembles the 1997-98 period rather than the overexuberance of 1999-2000 [13][14] - Monitoring for signs of macroeconomic and market imbalances related to the AI investment boom, including debt financing and erosion of corporate financial surpluses [13][14] US Economic Indicators - US GDP for Q4 2025 has been raised by 10 basis points to 2.0%, with alternative data indicating stronger consumer spending, capital expenditure growth, and a narrowing trade deficit [18][19] - However, large-scale layoffs announced by major companies are raising concerns about potential weakening in the labor market, with a new layoffs tracker indicating an increase above pre-pandemic levels [19][20] Conclusion - The conference call highlights a positive outlook for emerging markets, particularly in Asia and India, while also addressing potential risks in the AI sector and the US economy. The emphasis on earnings revisions and macroeconomic indicators suggests a cautious yet optimistic investment environment.

Core Insights - Battery Ventures has appointed Marcus Ryu as a general partner, highlighting the firm's commitment to leveraging experienced technology leaders in its investment strategy [1] - Ryu co-founded Guidewire Software in 2001, which has grown to achieve annual revenues exceeding $1.2 billion and a market capitalization of nearly $20 billion as of this month [1] Company Overview - Guidewire Software, co-founded by Marcus Ryu, is a leader in insurance technology and has been instrumental in transforming the industry [1] - The company went public in 2012 and Ryu served as CEO until 2019, indicating a strong leadership track record [1] Investment Focus - Since joining Battery Ventures in 2022, Ryu has focused on identifying and nurturing technology-driven investment opportunities [1]