With fears growing of an investment bubble in artificial intelligence...

After the hyperscalers and the data centers, the next phase of the AI boom will be in AI agents. Robert Smith, the CEO of Vista Equity Partners, told me that the application of AI, that's where AI agents perform specific tasks for companies, will be the biggest winners. Vista, which has over $100 billion in under-management and 90 portfolio companies, has created an agentic factory, as they call it, to roll out agents across its companies. AI is a true general-purpose technology. It is going to affect every single business, and it is either going to be exponential for some or existential for others. And, you know, I'm optimistic in the way that we are embracing it, embedding it across all of our companies. This is now an exponential opportunity. Smith said that 97% of enterprise software companies are private, so investors will have to access them through the private markets. Now, the software stocks like Salesforce and Workday have been under pressure from AI, with a lot of predictions that AI will, quote, eat software. Smith says it's the LLMs and the hyperscalers that will actually become more commoditized while the agents are already doubling productivity and profits at many companies. Now, for the full interview with Smith, including how he uses his own personal AI agents, he names it Q. You can sign up for the InsideAlts newsletter. That is out in just a few minutes. You can sign up at cnbc.com slash alts.