300 For the most part, we have focused on AI momentum and monetization of desktop / mobile software… AI momentum and monetization in our physical world is, in some respects, even more head-turning. We are entering an era where intelligence is not just embedded in digital applications, but also in vehicles, machines, and defense systems. Beyond the rise of digital agents, the world is increasingly experiencing the rise of physical agents. Self-driving fleets like Waymo’s and Tesla’s Full Self-Driving (FSD) beta are no longer science projects confined to test tracks – they’re revenue-generating deployments, logging millions of driverless miles with increasingly autonomous software loops. The stack beneath them is getting smarter, and the data is more vast and richer. Applied Intuition, for example, is building simulation platforms and software-defined vehicle systems that abstract autonomy away from hardware – so manufacturers can ship intelligence as easily as parts. Per Uber CEO Dara Khosrowshahi, Fast forward 15, 20 years, I think that the autonomous driver is going to be a better driver than the human driver. They will have trained on lifetimes of driving that no person can, they’re not going to be distracted. We are seeing the early architecture of AI-native infrastructure for the physical world. In defense, companies like Anduril are redefining what defense looks like – shipping autonomous drones and counter-intrusion systems with AI in every edge node, not just the command center. In agriculture, companies like Carbon Robotics are putting AI into the dirt – using computer vision to eliminate weeds without herbicides. We believe that these are examples of a broader shift: a world where AI turns capital assets into software endpoints. Intelligence, once confined to screens and dashboards, becomes kinetic. AI & Physical World Ramps = Fast + Data-Driven