OpenAI's revenue growth trajectory justifies its funding. Partners Group sold a data center portfolio company, having invested $5B in data centers since 2020, seeing over 30% CAGR returns.

Market is shifting to hard assets: data centers up 20%, defense and semiconductors outperforming software. Hardware CapEx is picking up while software CapEx slows.

Labor market is shifting; 5-6% of layoffs last year attributed to AI. About 1% of labor force has 100% automation potential, and employment there is rolling over. More AI layoff announcements will come, but not a dystopian scenario.