A space where we share a selection of thought-provoking content that we've recently come across.

With Apple's market cap eclipsing the entire German stock market, it's clear Europe has fallen behind; only four of the world’s top 50 tech companies are European. After a promising start in the 1990s digital revolution with giants like ASML and SAP, the continent lost its footing during the mobile and software boom and now lags again in the AI revolution. This gap stems from what many consider a lack of speed in capital raising, complying with regulations, etc. And a deep cultural contrast to that of Silicon Valley’s "move fast and break things" ethos.

In a direct and challenging interview at the All-In Summit, Sundar Pichai confronted tough questions regarding Google’s AI progress. When pressed on whether new AI chat interfaces could disrupt Google’s profitable Search business, Pichai framed the shift as an “extraordinary opportunity” for innovation rather than a threat pointing to the wide-scale deployment of AIOverviews. Pichai asserted that there is a sense of urgency at Google and that they have“picked up pace” in the last year.

Bill Gurley presents a sobering analysis of the current tech and venture capital markets. He argues that while the massive wave of AI investment has created excitement, it is also masking deep structural problems, such as hundreds of “Zombie Unicorns” and a stalled IPO market that has left major private investors illiquid. Gurley describes a new dynamic where late-stage firms are enabling successful companies to delay going public indefinitely, creating less transparent system with potentially higher risks.

Sir Chris Hohn of TCI shares the pillars of his remarkable success. He details his investment philosophy, which focuses on buying high-quality companies with strong, durable moats and holding them for the long term. A philosophy that we also share at Unison.

While direct U.S. bank lending to companies has stalled, a $1 trillion lending boom to "shadow banks"—private credit funds and asset managers—has taken its place. This shift isn't because of a lack of demand, but because banks are lending indirectly to companies through these nonbank financial institutions (NBFIs). The primary driver is regulation; loans to NBFIs are structured to be safer and carry much lower risk weights, making them significantly more capital-efficient for banks. However, this trend increases the total leverage in the financial system, creating concerns that historical safety models may prove inadequate—an echo of the conditions that led to the 2008 financial crisis.