Tvede argues that low inflation combined with high innovation—fueled by AI, automation, and robotics—is creating a new era of'super cycles' where financial assets thrive even as consumer prices remain stable. He sees current AI investments not as a bubble but as a foundational shift, with U.S. capital spending on AI infrastructure already driving 40% of recent growth. In China, a deliberate pivot from real estate to strategic innovation and infrastructure has enabled a managed economic transition, positioning it as a leader in most critical future technologies. Despite geopolitical tensions, he believes 中美 AI ecosystems will remain interconnected through open-source collaboration. For investors, he advocates focusing on underlying enablers—industrial metals, energy, and supply chains—rather than just headline AI firms. With 25% of his portfolio in China and optimism rooted in long-term productivity gains, Tvede urges entrepreneurs and investors to embrace what he calls the'steam engine moment' of our time: a globally accelerated, AI-powered economic expansion.