Retrofitting doesn't work, as history has proven again and again. Steam engine trains couldn't compete with gas-fueled automobiles, and few companies from the industrial era could thrive in the network economy. Just look at the NASDAQ top 10—most of them started after broadband became available and consumers fully embraced digital technology. Despite incumbent companies investing trillions of dollars in "digital transformation," the winners of the internet era were digital-native companies. The same will be true for AI, and we are thrilled to announce the launch of Principal Venture Partners.