AI has been described as a lever for detaching economic growth from population growth – as important as the steam engine. AI is the latest tool in a wave of disruption that is rolling through all global industries, at a pace that is quickening. Companies that don’t use the cutting-edge tools – like AI - to remake their business, as did Amazon, Netflix and eventually Disney, simply don’t have a place in today’s portfolios, whether index or not, because technology is slashing their useful lives, causing them to derate and increasing their cost of capital.

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