The build-out of AI infrastructure has been a secular investment theme for the past few years, but applications are now being developed that bring AI benefits directly to companies and industries around the world. While a “killer app” has not yet appeared, we believe AI agents will run a growing number of activities in daily life—from managing bank accounts, to preparing breakfast, to planning a bike trip. In addition, companies are starting to monetize AI technology and reap the benefits, especially in healthcare. We believe this is just the beginning.