The AI Platform Shift : A framework for navigating evolving moats and business models in the AI era
Artificial intelligence is driving the next major platform shift in technology, reshaping competitive advantages, business models and the way organizations operate. In this paper, we examine how AI is redefining the technology landscape, why competitive moats are evolving, and how we are navigating the opportunities and risks created by this transition through a disciplined investment framework.
Over the past decade and a half since the global financial crisis, technology stocks have been an engine of growth in world equity markets. From 2015 to 2025, the MSCI All Country World Information Technology Index (MSCI ACWI IT) delivered about 25% annualized returns, far outpacing the roughly 13% annualized return of the MSCI All Country World Index (MSCI ACWI).
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