Bonus: Jean Eric Salata on the Impact of AI

Summary

Jean Eric Salata discusses how AI impact varies by company, requiring tailored strategies. He highlights AI infrastructure—especially data centers and the power grid—as EQT's most compelling opportunity, with demand exceeding supply and energy as the key constraint. He also shares excitement about early-stage AI native investments and notes concerns about software industry valuations.

• AI's effects are uneven; value creation and destruction will occur company by company.
• EQT sees AI infrastructure stack, particularly data centers and power grid, as the top opportunity.
• Data center demand is real, outstripping supply, contrary to bubble fears.
• Energy is the single biggest bottleneck for AI expansion; EQT has over $100B in energy assets.
• Early-stage AI native companies (applications, models) are a focus area for EQT.
• Concerns exist about AI's impact on exit multiples and long-term value in software.
• Companies must urgently adopt AI or risk disruption from incumbents and AI-native entrants.