AI Investment Brief
Summary
Vista Equity Partners CEO Robert Smith argues that the next major wave of AI growth and investment opportunity lies not in public infrastructure giants, but in private enterprise software companies adopting “agentic AI.” Vista is leading this shift through its “agentic factory,” converting its portfolio companies with significant productivity gains already evident.
Key Points
- Shift in Focus: The AI investment boom is moving from public hyperscalers (like Nvidia, Microsoft) to private application providers, which Smith believes capture long-term economic value.
- Vista’s “Agentic Factory”: The $100B private equity firm has built a system to deploy agentic AI across its 90+ enterprise software companies.
- Current Impact: 30 Vista portfolio companies are already generating revenue from agentic AI conversion, with 30-40 more to follow in coming months.
- Productivity Gains: Portfolio companies report 30-50% productivity increases in coding; some tasks now take seconds versus hours.
- Economic Efficiency: $0.20 spent on AI “inference” can yield up to $10 in savings.
- Redefining Software: Contrary to “AI will eat software,” Smith believes agentic AI will enable enterprise software to “eat services,” creating more powerful tools.
- Workforce Transformation: All knowledge workers will be affected. While some jobs disappear, others will be augmented or created, with AI users replacing non-users.
Source: CNBC’s Inside Alts newsletter, featuring an interview with Vista Equity Partners CEO Robert Smith.
人工智能投资简报
摘要
Vista Equity Partners 首席执行官罗伯特·史密斯认为，人工智能下一波主要的增长和投资机会不在于公开市场的基础设施巨头，而在于采用”智能体AI”的私营企业软件公司。Vista正通过其”智能体工厂”引领这一转变，其投资组合公司已实现显著的效率提升。
关键要点
- 焦点转移：AI投资热潮正从公共云巨头（如英伟达、微软）转向私营应用提供商，史密斯认为后者能获取长期经济价值。
- Vista的”智能体工厂”：这家管理着1000亿美元资产的私募股权公司建立了一个系统，在其90多家企业软件公司中部署智能体AI。
- 当前成效：已有30家Vista投资组合公司通过转向智能体AI实现营收增长，未来几个月还将有30至40家公司完成转换。
- 效率提升：投资组合公司在编写代码方面效率提升30%-50%；一些原本耗时数小时的任务现在仅需数秒。
- 经济效益：在AI”推理”上花费0.2美元，最高可带来10美元的节省。
- 重新定义软件：与”AI将吞噬软件”的观点相反，史密斯认为智能体AI将使企业软件”吞噬服务”，创造出更强大的工具。
- 劳动力转型：所有知识工作者都将受到影响。部分岗位会消失，但也会增强或创造新岗位，使用AI的人将取代不使用AI的人。
来源：CNBC Inside Alts 通讯，采访Vista Equity Partners首席执行官罗伯特·史密斯。
Original Article Link: https://www.cnbc.com/2026/01/06/vista-equity-reinventing-companies-use-ai.html