Thesis
A consumer AI tech wave is brewing
Internet, Cloud and Mobile each minted a generation of consumer giants. AI, agents and robots are the next wave, and the outcomes are already more than 10x larger.
Our thesis
Early signals
From search to ask and command
Silent behavioral changes
Token prices dropping 60% year over year*
Sustainable products and business
Consumer agents drive 50% of token consumption growth*
Simmering acceleration
* Goldman Sachs, March 2026: “AI Agents Forecast to Boost Tech Cash Flow as Usage Soars.”
Where we invest
Along 5 main consumer themes
Entertaining Gen Alpha
Remix, interactivity, localization
Socializing in 2030
Loneliness epidemic, silver market
Agentic Shopping
Ad-free, conversational
Intelligent Hardware
Applied physical AI, robotics
Human Performance
Extension, differentiation