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Market Commentary
Quarterly notes on market structure, capital flows, and frontier developments
Insights
Insights
A working record of how we think — about artificial intelligence, capital, operators, and the structural forces reshaping the global economy.
We publish selectively and only when we have something material to add. We do not chase the news cycle.
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Thesis Updates
Refinements and additions to our investment categories
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The Atlantic View
How AI adoption differs between the U.S. and European markets
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Operator Notes
Lessons from inside our portfolio companies
Articles
The Atlantic View | | 9 min read
The Fourth Industrial Revolution Will Arrive in Europe Through the Boardroom, Not the Engineering Department
Notes from inside the European executive AI training market — and why enterprise AI adoption follows a fundamentally different path in the EU than in the United States.
Read article → Market Commentary | | 8 min read
On the Quiet Repricing of Applied AI
Frontier labs raise headlines. Applied AI raises revenue. A market structure note on where the actual returns will accumulate over the next three years.
Read article → Operator Notes | | 10 min read
What 50 Enterprise AI Implementations Taught Us About Procurement
Field observations from our European platform on what enterprise buyers actually pay for — and what they politely refuse, no matter how impressive the demo.
Read article → Thesis Update | | 7 min read
Why We Will Not Invest in Horizontal AI Agents
The most crowded category in AI venture is also the most likely to be commoditized within twenty-four months. Here is what we think will survive — and what will not.
Read article →