Happy New Year! We start 2026 with a trifecta of tailwinds.
We have industrial policy, fiscal policy and monetary policy all pointing in the same direction.
On the industrial policy front, deregulation and government incentives (and outright subsidies) around re-shoring manufacturing, are perfectly aligning with the timeline of a new industrial revolution.
And on that note, we heard today from the person driving the innovation of the new industrial revolution. Jensen Huang gave the keynote to kick off the Consumer Electronics Show (CES) in Las Vegas this afternoon.
We’re now a little more than three years removed from the “ChatGPT moment,” when it became clear that large language models would change everything. Yet Jensen says we are still at “the beginning.”
If we look back to last year’s CES keynote, he told us the future was about “physical AI” — where AI systems integrate with the physical world ($100 trillion worth of global industry). Physical AI is about robots, and he told us it was just “around the corner” (and showed us this slide).
Fast forward to today: Jensen told us Nvidia’s autonomous vehicle AI (called Alpamayo) will be one of the largest robotics systems in the world — and he says it will be on the roads beginning this quarter.
So, the future that was “around the corner” has arrived.
With that, Jensen highlighted this new slide today.
You’ll notice that physical AI is no longer at the end.
But this is not a timeline. This slide is subtitled, “Everything Everywhere All At Once.”
It’s about AI diffusion. He is telling us that AI will ultimately fill all space.
You train the AI brain. The brain acts on its own. The brain gets a body. The brain understands the universe. And through open models (like DeepSeek, Llama) the democratization of AI will lead to new discoveries and new frontiers.
So, not only should we expect a bigger economy, but a bigger world.