The recent World Economic Forum Annual Meeting in Davos 2026 made one thing clear: The AI conversation has shifted from “will this work?” to “how fast, who gets displaced, and what do we do in a world of Artificial General Intelligence (AGI)?” Meanwhile, back in Silicon Valley, the products keep advancing. Here is what AI investors should be watching.
Davos: AGI Timelines and Job Warnings
Elon Musk predicted AI could surpass human intelligence “by the end of this year, or no later than next year.” Jensen Huang countered job displacement fears by pointing to the trades: Plumbers, electricians, and steelworkers are seeing wages rise as AI infrastructure demands physical labor.
At the latest Tesla earnings call, Elon proposed “universal high income” as a way of framing the post-AGI economic landscape.
JPMorgan CEO Jamie Dimon offered a more cautious view. He argued that plans need to be in place now should AI-driven layoffs come too fast. His hypothetical: Self-driving trucks replacing two million American truckers overnight would produce civil unrest.
On a joint panel, Demis Hassabis (Google DeepMind) and Dario Amodei (Anthropic) discussed the path forward. Amodei warned that AI could wipe out half of entry-level white-collar jobs, though he sees limited labor market impact today. Hassabis stayed optimistic, expecting “new, more meaningful jobs being created” as productivity tools spread.
Claude Code + OpenClaw: The AGI Preview Debate
Anthropic’s Claude Code has sparked an unusual discussion: Has AGI already arrived in a terminal window?
Amodei recently confirmed that over 90% of the code for new Claude models is now written autonomously by AI agents. Anthropic built its latest product, Cowork, in just 10 days using Claude Code. Nathan Lambert of Interconnects wrote that “Claude with a 100X context window and 100X the speed will be AGI.”
Protip: Cowork is currently available to Pro and Max users on Mac (Apple) ecosystem only (currently). Based on some reactions, Cowork’s release could be a key inflection point for the technology sector, on par with ChatCPT’s initial release or even the advent of the internet.
Meanwhile, social media has been ablaze with videos of OpenClaw, which started off as Clawdbot, then rebranded to Moltbot due to litigation concerns with Anthropic and its Claude product. If that previous sentence made no sense to you, you’re not alone. The takeaway here is that a new, quasi-autonomous AI agent platform can self-learn skills and autonomously handle complex, long-format tasks. It remains “persistent” in the sense you don’t even need to manually prompt it with a chat anymore. Rather, you can give it directions to ping you back-and-forth on multiple platforms. There is even a documented instance where an OpenClaw agent downloaded its own voice skills, set up a Twilio account, got a phone number, and called to arrange a reservation on behalf of a user who simply asked for a reservation.
This offers a glimpse into a world of personal AI assistants, and perhaps a true preview of AGI. Meanwhile, THNQ member Cloudflare got in on the action. It even created a platform that makes it easy to host your own, in a more secure environment. The stock has been on a tear as the market is appreciating Cloudflare’s role in a highly agentic world with higher inference and security needs.
On a related note, Google DeepMind is hiring a Chief AGI Economist to study “post-AGI economics” and the future of a post-scarcity world.
For individuals, AGI could mean hyper-personalized healthcare, AI tutors that adapt to how you learn, and assistants that actually understand context and intent, and remove friction in tasks such as those performed in general life administration. Speaking of which, we might finally get a Siri that works.
Google x Apple: Gemini Powers Siri
Early in the year, Apple and Google confirmed a multi-year collaboration in which Gemini models will power future Apple Intelligence features, including a Siri overhaul expected this year. Apple reportedly pays roughly $1 billion annually for access across its 2 billion devices.
For Google, the win validates a turnaround. Alphabet’s market cap has surpassed Apple for the first time since 2019.
The Google TPU Chain: THNQ Ecosystem Winners
Google’s Tensor Processing Unit (TPU) buildout is creating clear supply chain winners. TPUs are Google’s custom-designed AI accelerator chips, optimized specifically for the matrix multiplications that power neural networks. Unlike general-purpose GPUs, TPUs are purpose-built for AI training and inference workloads.
Analysts estimate Google will build three million TPUs in 2026, scaling to seven million by 2028. Anthropic’s landmark deal with Google Cloud, announced in October 2025, drives major demand. It gives Anthropic access to up to one million TPUs to “train the next generations of Claude models.” With Claude 5 expected in the first half of 2026, this deal signals sustained and growing demand for Google’s AI infrastructure. Anthropic cited TPUs’ “price-performance and efficiency” as key factors in expanding the relationship.
The beneficiaries span the full stack of the artificial intelligence landscape, from semi equipment makers through to edge devices: TSMC on the fabrication side, semi equipment players like ASML and Lam Research enabling the builds, MediaTek co-developing the next-gen Ironwood TPU, optical interconnect suppliers like Lumentum linking it all together, and players like Qualcomm and Cloudflare helping deliver AI to the edge, securely.
Why THNQ Is Positioned for This Moment
The ROBO Global Artificial Intelligence Index (THNQ), which was launched in 2018, has evolved significantly over the past three years. What began as a more balanced mix of infrastructure and applications has naturally shifted toward the enabling infrastructure layer, which now represents close to 75% of the strategy, with applications comprising the remaining 25%.
This evolution reflects where value is accruing in the AI landscape. As the themes discussed above illustrate, whether it is Google’s TPU buildout, Anthropic’s compute expansion, or Apple’s reliance on Gemini, the infrastructure providers are capturing durable economics. THNQ’s exposure to semiconductor fabrication (TSMC), semi equipment (ASML, Lam Research), optical interconnects (Lumentum), edge computing (Qualcomm, Cloudflare), and cloud providers (Alphabet) positions the strategy to benefit from multiple vectors of AI monetization.
The infrastructure layer is delivering.
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THNQ is the underlying index for the ROBO Global Artificial Intelligence ETF (THNQ) and the L&G Artificial Intelligence UCITS ETF (AIAI.LN).
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