The revolution of AI agents has begun. The shift from individual AI applications toward autonomously operating systems is no longer a future scenario — it is happening right now, and its implications for investment markets are profound.
In this quarterly letter we present three key reasons why we believe the breakthrough of AI agents will happen in 2025: the necessary technologies have finally converged, the economic incentives are compelling for both developers and users, and third-party analyses confirm the market’s enormous growth potential.
For the investor, this represents a structural shift that creates winners and losers across industries. The greatest beneficiaries are found among the players in AI infrastructure — cloud service providers, semiconductor companies and memory manufacturers — but also among rapidly adapting traditional companies. Those that harness agents into a competitive advantage.
As a concrete example of this transformation we examine CrowdStrike, which is uniquely well positioned to benefit from the new cybersecurity environment created by agents. The company’s case shows that the age of agents is not just a quantitative leap in compute power, but a qualitative change that creates entirely new markets.
The Asilo Argo portfolio is positioned to welcome this change with open arms. The Gulf Stream has changed direction, and our task is to make sure that we are riding the middle of the current.
Ernst Grönblom, Henri Blomster. Asilo Asset Management Oy