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AI Could Transform Global Economy Like Industrial Revolutions, Says Aletheia Capital’s Jonathan Wilmot
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Wilmot says rapid advances in artificial intelligence represent a turning point for global productivity and economic growth.
Jonathan Wilmot, Global Strategist at Aletheia Capital.
Artificial intelligence (AI) is set to transform the global economy in a way comparable to past industrial revolutions, even as geopolitical tensions and energy risks continue to shape the near-term outlook for markets and policymakers, according to Jonathan Wilmot, Global Strategist at Aletheia Capital.
Speaking at the Moneycontrol Global Wealth Summit, Wilmot said rapid advances in artificial intelligence represent a turning point for global productivity and economic growth.
“When I started my firm, I was convinced that AI and machine learning had reached a point of takeoff and would eventually become the leading factor transforming the whole of the world economy,” Wilmot said.
AI could accelerate innovation
Wilmot described artificial intelligence as a powerful force multiplier for human innovation and scientific discovery.
“In a very simplistic way, AI is to human brain power what the steam engine was to horsepower,” he said.
According to him, the technology could act as a “force accelerator for human intellect”, helping speed up innovation, research and product development across sectors.
AI may lower costs of essentials over time
Wilmot said AI-driven innovation could eventually reduce the cost of essential goods and services globally.
“I’m convinced that the effect will be profound in lowering the costs of food, energy, housing and healthcare,” he said.
He added that the impact would come not only from artificial intelligence itself but also from its interaction with other technologies such as solar energy, smarter farming systems and advanced manufacturing.
However, Wilmot cautioned that the transition may initially push prices higher as companies invest heavily in building AI infrastructure before long-term cost benefits begin to emerge.
Central banks facing a complex policy challenge
According to Wilmot, the combination of rapid technological change and geopolitical tensions has created one of the most challenging environments for central banks.
“This is one of the most difficult periods for central banks around the world,” he said.
He noted that policymakers may be divided between those focusing on long-term productivity gains and those concerned about short-term inflationary pressures.
“If you emphasise the longer-term productivity benefits… you would say there’s no need to raise interest rates in the face of a short-term shock,” he said.
AI boom not similar to dot-com bubble
Wilmot also addressed concerns about the sharp rise in valuations of artificial intelligence companies.
“What it clearly is not is the same as the dot-com situation in the 1990s,” he said, adding that many leading AI companies are supported by strong earnings growth.
At the same time, he warned that global economic shocks could still trigger sharp corrections in technology stocks.
“If we have a shock to the world economy… you’re going to see very large declines in the valuation of this stuff,” he said.
Oil price risks remain amid Middle East tensions
Wilmot also highlighted the risks posed by ongoing geopolitical tensions in the Middle East.
He said global oil markets remain highly sensitive to disruptions in the Strait of Hormuz, a key global energy shipping route.
“Unless we can reopen the Strait of Hormuz within three or four weeks, we’ll be in a situation where oil prices could head towards $150 or even higher,” he said.
India could benefit from AI-driven growth
On India’s long-term prospects, Wilmot said the country’s demographic strength and economic trajectory position it well in the evolving global economy.
“India is going to be the largest country in the world in terms of population,” he said.
He added that India could become increasingly important both as an alternative global manufacturing hub and as a participant in the AI-driven economy.
“I think India will become more and more important, both economically as an alternative manufacturing destination and because you will actually do well from the AI trade,” he said.
Advice for investors
Wilmot advised businesses and investors to adopt artificial intelligence tools while remaining mindful of broader macroeconomic risks.
“Go hire a lot of AI agents to help you with the business, but don’t fire anybody as a result,” he said.
He also emphasised the importance of monitoring macroeconomic trends. “Never forget macro… because if the world has a macro seizure, that will dominate everything else.”
March 14, 2026, 13:20 IST
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US stock markets today (May 1, 2026): Wall Street heads for fresh records; Apple rallies as oil prices cool – The Times of India
Wall Street moved higher on Friday and edged closer to fresh record highs as strong quarterly earnings from Apple, Estee Lauder and other companies lifted sentiment while a mild retreat in oil prices offered additional support.The S&P 500 rose 0.6 per cent, extending gains after closing at an all-time high on Thursday. The Dow Jones Industrial Average added 226 points, or 0.5 per cent, while the Nasdaq Composite climbed 0.7 per cent toward another record as of 9:35 a.m. Eastern time, AP reported.Apple led the advance, rising 3.3 per cent after the iPhone maker reported stronger-than-expected profit and revenue for the latest quarter.Estee Lauder gained 4.2 per cent after posting better earnings than expected, helped partly by strength in China, and raised some of its financial forecasts.Colgate-Palmolive added 3.1 per cent after also beating estimates, though Chief Executive Noel Wallace said the company expects “volatile macroeconomic conditions and slower category growth to continue in 2026.”The key uncertainty for global markets remained oil prices linked to the Iran war.Brent crude, the international benchmark, slipped 0.5 per cent to $109.88 a barrel on Friday, though it was still up roughly 11 per cent for the week after sharp gains earlier.Brent prices had climbed on concerns that the Strait of Hormuz could remain closed for a prolonged period, preventing tankers in the Persian Gulf from shipping crude to customers worldwide.In the bond market, Treasury yields remained largely steady as crude prices eased.The yield on the 10-year Treasury edged lower to 4.39 per cent from 4.40 per cent late Thursday.Several global stock markets were closed for the May Day holiday.Among the markets that were open, Tokyo’s Nikkei 225 rose 0.4 per cent, while London’s FTSE 100 slipped 0.6 per cent.
A rendering of Smoothie King’s new store design
Source: Smoothie King
From the rise of GLP-1 drugs to backlash against artificial ingredients, current wellness trends are fueling growth for Smoothie King.
“There are significant industry tailwinds behind what we’re doing,” said Gavin Felder, the chain’s president and CFO. “What we’ve learned is people are a lot more conscious about what choices they’re making. A lot of people are focusing on protein now and on fiber and all those good things.”
Founded more than 50 years ago, the privately held chain takes credit for inventing the word “smoothie” and popularizing the health drinks. CEO Wan Kim, previously a franchisee for the brand in South Korea, has owned Smoothie King since 2012. Last year, the company sold a minority stake to private equity firm Main Post Partners and said the deal would help Smoothie King accelerate growth and innovation.
“If you start the clock [in 2012], we’ve been growing system sales at a compound rate of double digits since then,” said Felder, who joined the company two years ago after spending 16 years with KFC owner Yum Brands.
Over the past five years, Smoothie King has grown its number of locations by about 23%, the company told CNBC. The chain’s system-wide sales have increased roughly 64% over that period.
In 2025, the company recorded revenue of $66.16 million, up 4% from the prior year, according to franchise disclosure documents. Its net income, however, fell about 6% to $14.84 million. At the end of the year, Smoothie King had more than 1,200 locations. Franchisees operate more than 96% of the chain’s stores.
Now, as consumer tastes shift more toward maximizing nutrients, protein and fiber, the chain sees an opportunity to both improve its existing locations and build new ones.
In April, Smoothie King announced a new store design with what the company called more “warmth” and “approachability” — a shift away from its current “stark, functional aesthetic” — and plans to gradually introduce it across its footprint.
And more stores are on the way: the chain said that franchisees have committed to opening more than 200 new locations in the coming years. It’s also planning to expand further into food with flatbreads, building off its existing options of smoothie bowls, yogurt bowls and loaded toasts.
Smoothie King and its franchisees will open about 90 new locations this year, according to Felder.
The wellness boost
While Smoothie King was growing before the current frenzy for protein and fiber, the trends have boosted its sales at a time when many restaurant chains are struggling to attract frugal consumers.
The growing adoption of GLP-1 medications, like Ozempic and Wegovy, are partially responsible for consumers’ interest in upping their protein and fiber intakes. Then there is the growing push from both consumers and regulators away from so-called ultraprocessed foods and artificial flavors and dyes, fueled in part by the Make America Healthy Again movement led by Health and Human Services Secretary Robert F. Kennedy Jr.
Smoothie King was somewhat ahead of the curve; in 2019, the chain finished its “Clean Blends Initiative,” which removed preservatives, artificial flavors and colors and genetically modified fruits, while adding organic vegetables.
“We have a ‘no-no’ list that is longer than Panera’s, that’s longer than Chipotle’s,” Felder said.
Moving forward, in tandem with its store redesigns, Smoothie King plans to share more of its story, from its founding to its banned ingredients.
“A lot of our guests, they are all about health and wellness,” Felder said. “They want to make sure they are tracking everything they can. They are very interested in transparency and the level of information that they can get on our brand and our products … It’s a great tailwind for the category.”
As average national gas prices hit $4 a gallon, consumers are showing signs that they are growing more budget conscious. A number of restaurant companies, from Domino’s Pizza to Chipotle, have reported that sales softened in March, after the U.S.-Israeli war with Iran began.
There is also more competition than ever in the restaurant space for health-conscious diners and protein-rich snacks and meals.
Still, Felder is optimistic that consumers would still buy a FiberMaxxing Smoothie or Power Meal Spinach Pineapple Smoothie, rather than skipping the drink or making it at home.
“We believe — and I’ve seen this — that when customers are stretched, they are more likely to spend on things that make them feel good, rather than things that make them feel guilty.”
Business
Middle East conflict drags on: Is Iran’s economy approaching breaking point? What analysts are saying – The Times of India
Weeks of conflict have worsened Iran’s economic pressures, deepening strain on its financial system even as the Islamic Republic continues to function under a standoff in the Gulf following a truce and ongoing maritime restrictions.The situation has left Iran in a stalemate with the United States and Israel, with ceasefire talks stalled while key Gulf routes remain disrupted. Despite damage to infrastructure, industries and oil exports, analysts, quoted by Reuters, say Iran is still managing internal supplies and limited external trade.“I think that they have calculated a longer runway than I think economists or Western policymakers are anticipating,” said Sanam Vakil, head of the Middle East programme at Chatham House. Vakil added that Iran is relying on its internal control mechanisms and what it describes as a “resistance economy”.“They are quite known to use repressive capacity. They’re relying on people using their savings,” she said, highlighting Tehran’s approach of prioritising domestic resources and cross-border trade through land routes.The economic impact remains difficult to fully assess due to limited official data and communication restrictions, though reports suggest significant pressure on businesses, inflation and employment conditions.However, key indicators point to partial resilience. Authorities have not imposed broad restrictions on withdrawals, fuel rationing or delayed salary payments, while food availability in urban markets remains stable.Shipping data indicated that reduced crude movement from Gulf terminals, with analysts estimating that export constraints could become more severe over time depending on how long restrictions persist.A senior official at Iran’s central bank told Reuters that the country holds significant gold reserves that could be deployed if required, while also claiming Iran has long experience in sustaining imports under sanctions conditions.In the agricultural sector, analysts say Iran remains relatively resilient due to diversified supply routes and improving domestic output, which could reduce near-term import dependency. “Iran is the largest food importer in the region. But it is also important to note that Iran is the least food insecure country in the region,” said Ishan Bahnu, head agricultural commodities analyst at Kpler.Trade through neighbouring countries including Turkey, Iraq and Pakistan has continued, while Russia has also increased shipments across the Caspian Sea, bypassing Gulf shipping routes.On the domestic front, however, economic stress is visible. Businesses reported rising costs, supply disruptions and weakening demand. “Rising prices of basic goods, especially products like ours that are directly linked to people’s tables definitely put pressure on people,” said Abbas Smaeelzade, a rice and grain seller, adding that his sales have fallen sharply since the conflict escalated.Meanwhile, mechanic Hossein Amiri said customer activity has dropped significantly. “Our business has basically come to a standstill,” he said, warning of further deterioration if conditions persist.Concerns also remain over potential social unrest, with analysts noting that prolonged economic pressure could heighten instability risks. As Vakil said, a resolution would require easing sanctions to improve Iran’s access to overseas funds and international trade. She added that Tehran needs greater ability to use foreign currency holdings abroad, expand oil exports and restore normal trade channels.
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