Baillie-Gifford-Smarter models, sharper founders growth investing in the AI era更聪明的模型，更敏锐的创始人在人工智能时代投资增长.pdfVIP

Smartermodels,sharper

founders:growthinvestinginthe

AIera

January2026

BaillieGifford’sKyleMcEneryshareshisapproachtomeetingtheentrepreneursbuildingthefuture–

includingencounterswithAppLovin,Anthropic,NVIDIA,RobloxandReddit.

LeoKelion(LK):In1955,fourAmericanacademicsappliedforfundingtostudyanewdiscipline.To

securethegrant,theycoinedanewterm:artificialintelligence.Thegambitworked,andthe

followingsummertheyhostedaworkshopatDartmouthCollege,NewHampshire.Withjusta

$7,500budgetandatwo-monthdeadline,theysoughttomakesignificantheadway.Theirgoal?

Puzzleouthowtomakemachinesuselanguage,formabstractionsandsolveproblemspreviously

reservedforhumans.

Welltoday,whatwenowcallgenerativeAIisfinallylivinguptothatpromise.Andoneofthe

leadingcompanies,Anthropic,hasnameditsmodelsafteroneoftheworkshop’sorganisers:

ClaudeShannon.IaskeditsClaudechatbothowmuch70yearsofAIresearchhadcost.Ittoldme

$2tn,addingthatmostofthatinvestmenthadcomeinthelastfiveyears.Whatevertheaccuracyof

thatestimate,itclearlysuggeststhatthemostsignificantreturnsstilllieahead.

WelcometoShortBriefingsonLongTermThinking.I’mLeoKelion,andinthisepisode,I’mjoined

byKyleMcEnery,aninvestmentmanagerinourLongTermGlobalGrowthTeam.You’llhearhis

thoughtsonwhereAIisleadingusandwhichcompaniescouldbeamongitschiefbeneficiaries.But

beforewebegin,aquickreminder,aswithallinvestments,yourcapitalisatriskandyourincomeis

notguaranteed.Kyle,welcometotheshow.

KyleMcEnery(KM):Thankyouverymuchforhavingme.

LK:Kyle,I’dlikeyoutointroduceyourselftoourlistenersbeforewedelveintoAI.So,canyoustart

bytellingusalittlebit