AI creates leverage and is deflationary in the long run. Value will accrue in areas less susceptible to compression. Physical operations, supply chains, distribution, the customer relationships that take years to earn.

The tools are changing. Human creativity and relationships will endure. Most of the hard work still happens in conversations. Founder and customer, buyer and seller, investor and operator.

Capital can be found, but operators are increasingly difficult to come by. Especially in physical industries, where the work requires showing up, knowing the customer, and earning trust over years instead of quarters.