I came across this recent report from Coatue, a large global crossover fund investing in both public and private tech companies, presented at their EMW 2025 conference. It’s packed with data-driven insights into how the tech sector is evolving, especially in the context of the ongoing AI wave.

Despite an uncertain economic environment—tariff tensions, inflation, shifting interest rates—and a volatile geopolitical backdrop with wars in Ukraine and the Middle East, tech stocks have performed remarkably well over the past three years.

The report shows we’re still in the early phases of the AI innovation cycle. Some players, public and private, are already gaining traction and market value. But it’s too soon to name the long-term winners. It feels reminiscent of earlier tech waves that produced giants like Apple, Microsoft, and Meta.

At Dalus Capital, my fund, we invest at the early stages of tech innovation. What we’re seeing on the ground is incredibly exciting and signals that the medium-term evolution of the sector will be transformative. With strong execution and some luck, we hope a few of our investments will become winners in this wave.

If you follow tech, startups, or the future of AI, this is a valuable read.

Full report here.