Investment Strategy•8 min
Goldman's AI-Proof Portfolio: Which Companies Survive AGI?
골드만삭스가 선택한 'AI 생존 기업' 바스켓의 비밀
Goldman Sachs just launched an 'AI-resistant software basket'—companies whose business models work even if AI gets perfect. Not 'AI beneficiaries,' but 'AI survivors.' What made the cut? Network effects, switching costs, regulatory capture. Framework for Korean VCs: Which of your portfolio companies survive when AI commoditizes code?
EC
Ethan Cho
Chief Investment Officer, TheVentures
1,900 words•⭐⭐⭐⭐⭐
🔑Key Takeaways
- ✓Goldman launched 'AI-Proof Software Basket' amid tech sector rout—companies that survive even if AI commoditizes software
- ✓Selection criteria: Network effects > Switching costs > Regulatory moats > Data monopolies (NOT product quality or technology)
- ✓Example survivors: Bloomberg Terminal (workflow lock-in), Salesforce (CRM data moat), Adobe (creative workflow), ServiceNow (enterprise integration)
- ✓Korean implications: Which Korean SaaS/platform companies have real moats vs. AI-replaceable features?
- ✓Investment shift: From 'best technology' to 'hardest to replace'—even if AI builds better product, can customers switch?
TOPICS
Goldman SachsAI-proof companiesnetwork effectsswitching costssoftware moatsKorean SaaSAI resistanceinvestment strategyTheVentures