The marginal cost of knowledge is approaching zero. Robotics will eventually drive down the cost of physical labor. What's left?
Well-located land. Can't be generated, can't be manufactured, fixed supply.
Goldman Sachs put out an S&P ex-AI Index (SPXXAI) this year — stripped out all AI stocks. AI makes up about 45% of the S&P 500. Over the past three years, the S&P is up 76%, but ex-AI only up 32%. It's not that they're bearish on AI — it's a bet that the things AI can't touch become increasingly valuable.
On the flip side: displaced knowledge workers might trigger social unrest. Maybe worth keeping an eye on the VIX.
None of the above constitutes investment advice.