Artificial Intelligence (AI) has become one of the fastest growing areas of technology investment in the US. Recent years have seen unprecedented capital flowing into AI infrastructure, with technology leaders and investors¹ committing billions to expand data centres and strengthen energy systems. New hubs for AI infrastructure have emerged across the country, underscoring the sector’s broad economic impact and potential for long-term growth.

Against this backdrop, GIC’s long-standing partnerships and more than four decades of experience² in the US uniquely position us to invest in the country’s rapidly growing AI ecosystem. In this interview, Eric Wilmes, President and Head of Private Equity, Americas, and Chris Emanuel, Head of the Technology Investment Group (TIG), discuss GIC’s distinct vantage point and approach to investing in the evolving US AI landscape.

How do you view the current landscape for AI and technology investment in the US?

ERIC: The US remains one of the most attractive destinations for technology investment, bolstered by a deep talent pool and a policy environment that encourages innovation and entrepreneurship in the fast-changing AI landscape.

Over our more than 40 years of bottom-up investing in the US, GIC has had a front row seat to the rise of new technologies, from the onset of the Internet in the 1990s to the emergence of category-defining companies like Amazon, Alphabet, Meta, Microsoft, and Nvidia. We see AI as the next foundational shift, poised to reshape every region, industry, and company.

By incentivising private-sector innovation and accelerating the build out of AI infrastructure, the US continues to pave the way for long-term investment. We closely align with evolving state and federal frameworks to identify companies best positioned for long-term competitiveness, while actively investing in innovators with the potential to define the next era of technology leadership.

What key trends and challenges do you see in enterprise AI adoption?

CHRIS: Enterprise AI adoption is still in its early stages, but the pace of change is remarkable. We recently worked with Bain to survey C-suite executives at 44 leading companies in GIC’s global network and nearly every firm identified AI as a clear strategic priority. Leaders shared that 90% of their internal use cases have met or exceeded expectations. AI is rapidly moving from proof-of-concept to production, with companies reporting an average 15% improvement in revenue and cost efficiency, and even higher improvements in specific areas: 31% in customer service and 26% in new products and services.³

That said, scaling AI across the enterprise is not without challenges. Business leaders remain concerned about data security and privacy, a shortage of in-house expertise and technical resources, and unproven ROI. Many organisations we have talked to are still in the early stages of building robust data governance, working to attract and retain AI talent, and defining a clear strategy for AI value creation.

Our conversations with Chief Information Officers and Chief Technology Officers highlight that successful AI integration requires more than just technology. It demands organisational readiness, a willingness to experiment, and a focus on measurable outcomes.

Unlocking AI’s full potential will also require collaboration across the ecosystem: between innovators, enterprise AI adopters, and long-term investors like GIC. This is why for the past two years, we have made AI a central theme of GIC’s Bridge Forum ⁴ which–since its inception–has facilitated over 1,000 connections between global technology leaders and innovative start-ups. We enable enterprises to learn directly from founders on building and adopting AI and founders to better understand the needs of large organisations. By deepening our network across the sector, GIC is also able to spot inflection points, understand where durable value is being created, and identify promising opportunities early.

Where does GIC see the most exciting opportunities in AI today? 

ERIC: We evaluate AI opportunities across the entire value chain, focusing on three key segments:

• Enablers are foundational companies building the infrastructure for AI to scale, including semiconductors, cloud infrastructure, and cybersecurity. We were early movers in data centres, identifying cloud computing as a structural theme nearly a decade ago. One example is our long-term partnership with Equinix, which reflects our commitment to supporting the growing demand for digital infrastructure driven by AI. At the same time, we closely monitor supply and demand dynamics to mitigate potential risks arising from data centre over-capacity.
• Monetisers are companies leveraging AI infrastructure to create products and services, such as software vendors and cloud service providers. Our investments include companies like Databricks, a unified analytics and AI platform, where we have invested across the company’s lifecycle, including co-leading the Series J in 2024. We have also backed firms such as Ramp and Atlan, both leaders in AI-infused applications and data infrastructure.
• Adopters are enterprises integrating AI to enhance productivity and unlock growth. This category extends well beyond the technology sector, and we expect to see a proliferation of use cases as AI capabilities advance. Within our portfolio, we are particularly excited about opportunities in healthcare, financial services, and logistics, where AI can drive significant efficiency gains. Along these lines, we are working with the leaders of many of our portfolio companies to help them harness AI’s potential to drive performance and future opportunities.

Anthropic is a unique GIC investment that straddles both the enabler and monetiser categories. As an enabler, Anthropic has developed advanced large language models (LLMs) that form the backbone of various AI applications. These LLMs provide the essential infrastructure for AI to scale effectively. Simultaneously, as a monetiser, Anthropic builds AI-driven applications and services on top of their LLMs, such as Claude Code, a leading coding tool. This dual role showcases how Anthropic not only contributes foundational technology but also delivers innovative products that drive commercial value, spanning multiple layers of the AI ecosystem.

Our teams across public equities, real estate, infrastructure, and private equity are actively investing in each of these three segments. As the AI landscape evolves, we remain selective, prioritising companies with sound fundamentals and long-term growth potential.

What technology investment themes is GIC following in the venture and growth space?

CHRIS: Digital transformation is accelerating rapidly across sectors, and with the dawn of AI, the way we think about technology has shifted. Traditionally, we have invested across separate verticals like enterprise software, fintech, and emerging technologies, but today we are observing the convergence of these categories around AI. In many ways, almost every technology company is becoming an AI company. Eric mentioned our portfolio company, Ramp, a fintech business at its core, but they are rolling out AI agents to help their customers automate decision making. Our portfolio company Addi is using Voice AI agents to reduce customer service costs and improve the payment experience for BNPL customers in Columbia. We see this infusion of AI into all business models as essential for long-term success. By having investors with deep sector expertise in the various verticals I mentioned, I find we are better able to recognise where AI is having the greatest impact (be it in fintech, software, or elsewhere), as it begins to shape nearly every business we invest in.

As investors, we continue to identify the entrepreneurs and category-creating technology companies that know how to harness AI to unlock value.

The technology sector can be volatile. How do you navigate cycles and valuation swings?

ERIC: Technology is inherently cyclical, and we have lived through multiple waves of disruption, from the internet bubble to the mobile revolution to today’s AI boom. Our long-term orientation and flexible capital allow us to navigate these cycles with discipline and agility. We stay anchored to fundamentals, maintain price discipline, and avoid chasing short-term hype or overvalued segments. Our decades of experience in the US technology market give us a unique perspective on managing through volatility. With a substantial team on the ground in the US, we have the insights and flexibility to act decisively when opportunities meet our risk-return criteria and the discipline to hold back when they do not.

Our work in the US market is amplified by GIC’s global network, with offices in key financial hubs. We optimise the total portfolio, provide solutions across the capital structure, and leverage cross-asset expertise. We act as a trusted thought partner to investment partners and portfolio companies, helping them adapt to market shifts, spot emerging models, and prepare for platform shifts such as AI.

As Chris mentioned, our work with the Bridge Forum is one example of how we go beyond capital to support our network of investee companies and build deeper relationships to prepare for future volatility.

How does GIC’s long-term approach differentiate your investment strategy in US technology and AI?

CHRIS: First and foremost, we see ourselves as lifecycle investors. We build relationships with leading founders early, develop a deep understanding of their businesses and sector, and aim to invest over multiple rounds, supporting businesses to and through IPO whenever possible.

As a long-term investor, we can invest capital as companies find product market fit and proven unit economics. At that stage, we are able to provide both capital and value add support to help companies accelerate growth and build durable market leadership. Ultimately, our approach is grounded in partnership, value creation, and a commitment to innovation. In today’s environment, businesses need more than capital to succeed: investors must provide stability and partnership that go beyond financial investment and drives real value. At GIC, we engage constructively with founders, managements teams, and co-investors, often serving on boards and bringing cross-asset expertise to advise on areas such as corporate governance, M&A and financing solutions, recruiting and incentive structures, and other levers that can meaningfully support businesses.