The core insight

Growing market volatility driven by technology, geopolitics, climate, and macroeconomic factors will contrast more and more with the relative stability we have had since the 2008 crisis. Navigating this volatility requires adopting a two-speed mindsetβ€”balancing short-term adaptability with medium-term strategiesβ€”and building optionality through new markets, R&D, and partnerships. Microsoft's approach, investing in diverse sectors and strategically consolidating around AI with OpenAI, exemplifies how maintaining multiple paths and focusing on promising opportunities can effectively manage volatility and drive growth.