Technology and business leaders are in Davos, Switzerland, for the World Economic Forum. They discuss President Trump’s inauguration and AI ahead of the event, which begins in earnest on Tuesday. This is what Business Insider is hearing and seeing at the convention of the rich and powerful.
Business and technology leaders gathered in Davos for the annual World Economic Forum.
The forum doesn’t start in earnest until Tuesday, but many people are already participating. More people are expected to make the trip after attending President Donald Trump’s inauguration, but it’s already a hot topic at the Swiss mountain resort.
Business Insider is on the ground talking to people. This is what we’re hearing.
While the conversation around AI and AI agents is already in full swing here, Mihir Shukla, CEO of Automation Anywhere, believes the conversation is shifting from hype to questions about actual reality this year. “The CEOs here feel like AI is cool because they’re chasing it, but their job is to find value,” he said in an interview with BI. “I know this is cool, but what can we do with this? I think that’s the conversation that’s going to happen this year.”
Can AI do its job anymore? He acknowledged that it may be effective to some extent, but not completely. An interesting example: His company built a boardroom AI agent and trained it on years of company financial information and presentations. “We were able to match patterns that would be impossible for the most experienced people,” he said. It was so good that they even gave an AI agent an empty seat at the boardroom table for dramatic effect. — Hugh Langley
One hurdle with AI agents: How will companies be compensated for their work? And who internally gets the credit and, more importantly, the revenue? Raj Sharma, global managing partner for growth and innovation at EY, told BI that with the power of AI agents, professional services giants He said they are being forced to rethink their commercial models. Mr. Sharma said that rather than just charging clients based on the time and resources they spend on a project, EY is using an AI agent to create a “software-as-a-service” approach where clients pay based on results. He said it could be adopted.
The problem is not just external. Some thought needs to be given to who owns the agency and is responsible for the revenue it generates. “As much as we spend on these technology aspects, the whole commercial model, the risk models associated with it, at least companies like ours are spending a lot of time thinking, ‘What’s the right commercial model?’ You’re spending the same amount of energy on it,” Sharma said. — Dan Defrancesco
Many are already in Davos to attend the World Economic Forum, and more are expected to arrive later this week. Fabrice Coffrini/AFP via Getty Images
This is my fourth time at Davos, and each year it seems like one topic is covered. In 2023, AI is rapidly emerging. In 2022, inflation fears have become a buzzword. This year is a three-way battle between agent AI, President Trump’s tariff negotiations, and crypto regulatory tug-of-war.
Cryptocurrency is no longer just an afterthought. Cryptocurrencies are now as good as cheese and fondue at the big dinner debate as bulls celebrate Bitcoin’s breakthrough to $100,000 and regulators clash over how to rein in the wild west of digital assets. It has become just as much a part of Davos.
But which topics dominate the late-night wining and dining and mid-day ski chats? Crypto hype, AI conspiracies, and Trump? He can’t help but become the main character. — Spriha Srivastava
The mountain town is a little warmer than usual this week, with daytime highs reaching the mid to upper 30s. Temperatures are only expected to drop into the mid to upper 20s at night. (Average daily temperatures in town are typically in the low 20s.) And the “suit and boots” attire made famous by this conference won’t be as necessary this week, with no snow in the forecast.
All of this is in stark contrast to the United States, where the East Coast is experiencing a bitter cold snap and rare snow and ice storms threaten the South. — Dan Defrancesco
The Davos promenade is full of emerging countries setting up food stalls. Spriha Srivastava/Business Insider
Walking down the Davos Promenade on Sunday night, I couldn’t help but notice something different. Emerging economies are showing up in a bigger way this year. It made headlines last year when India and Saudi Arabia staked out prime real estate along this iconic stretch, where you’re just as likely to encounter government leaders as tech billionaires.
But this year? The guest list has increased. Brazil, Indonesia, Mongolia and South Korea are also participating in Davos, setting up their own hubs and showing they are ready to be heard. We have meetings scheduled with government officials from these countries and would like to hear what they are thinking. One recurring theme: Donald Trump’s reelection and what it means for developing countries. Much of the world’s capital still flows from the United States, so there is much at stake. Policies developed in Washington are having ripple effects from Jakarta to São Paulo. The atmosphere here suggests that leaders aren’t just watching, they’re strategizing. — Spriha Srivastava
Davos is known for its big parties. JP Morgan will host one of the biggest explosive events this week. Google, Qualcomm and others are also hosting large gatherings. CEOs and people in the field tell me that going to parties is the best way to network, but they also say that smaller parties are best for meaningful conversations. — Hugh Langley
