AI is the New Cloud
Capturing the Next 15-Year Paradigm Shift
The AI Disruption: Opportunity for Newcomers, Crisis for Incumbents
Bessemer Cloud Index
The Proof: Cloud Era
2013 - 2021
Outperformed S&P
2.14x
over 8 years
The Reckoning
Last 3 Years
Underperforming
0.37x
of S&P 500
2013-2021 Outperformance → Recent Underperformance
Our Thesis: AI Era
ALL PATH AI Future Fund
2023 - 2040
Target Outperformance
2x+
over 15 years
Cloud was the emerging tech in 2013, massively outperforming for a decade. But cloud underperformed massively since 2022 when the AI wave got started. We believe AI represents a larger generational opportunity today and will drive similar outperformance over the next 15 years.
Why NOW?
🎯
Skepticism Creates Opportunity — AI skepticism keeps many investors on the sidelines, creating a generational opportunity
🚀
Early AI Production — Enterprise AI deployment has just gotten started; we're in the first innings
⚡
Asymmetric Opportunities — Ongoing AI tech roadmap shifts create great asymmetric risk/reward
Why US?
Mads Christiansen
— CIO · 8+ yrs fund mgmt · Consumer tech, fintech
Jordan Lambert, CFA
— PM · 25 yrs finance · Enterprise tech, semis
Simon He
— Dir. of Research · 6+ yrs equity research · AI stack
Consumer Tech
Enterprise Tech
Semiconductors
AI Value Chain
🛡️ ALL PATH Portfolio Framework
Financial rigor + proprietary ALL PATH framework = high return potential while avoiding idiosyncratic risks.
