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The U.S. aerospace and defense industry has faced challenges ranging from labor to quality control. We see it reascending with a digital-first approach.

By converting conventional breeding into a laboratory process, gene editing can transform agricultural markets, lower crop prices and devalue fertilizer and chemicals.

Machinery investors are navigating a complex landscape. Construction of data centers and manufacturing plants is at record levels, while warehouses and hospitality are weak.

The role of endpoint security has dramatically expanded. Not just a replacement for antivirus software, it is a sophisticated solution for a wide range of security functions.

The adoption curve of AI phones could be faster than with smartphones. Advanced machine learning will offer superior personal assistance, language processing, AR/VR and more.

Post-COVID, a digital transformation is sweeping restaurants, reducing errors and waste while driving efficiencies “back of the house” in staffing and food production.

We see three thematic drivers of software this year: AI, vendor consolidation given the benefits of platform solutions, and enduring cloud migration.

We’re bullish on auto insurers and strong pricing. A step down in vehicle and repair pricing could mean more competition but we believe that’s more of a risk in ’25 or ’26.