POWER : Bullish and Bearish Analyst Opinions

SVP is investing heavily (40% of portfolio) in "real assets, power plants, airplanes, real estate, toll roads." Khosla explicitly states, "We are not in the high knowledge growth game." This is a defensive rotation against AI disruption. While AI threatens "knowledge" jobs and SaaS cash flows, it cannot digitize a toll road, a power plant, or an airplane. Furthermore, AI data centers require massive amounts of power, creating a tailwind for power generation assets. LONG. These assets provide inflation protection and insulation from the technological deflation AI brings to software. A deep recession would lower demand for travel (airplanes) and energy (power), hurting cash flows despite their "real" nature.