Industry Market Trends

Only 25% of wealthy families successfully preserve wealth into the second generation. Roughly 10% make it to the third generation, and just 5% sustain that wealth into the fourth. Those numbers help explain why many Family Offices are being forced to rethink their structure, priorities, and long term purpose. The traditional image of the Family Office has long been tied to scale, exclusivity, and large internal operations. Dedicated investment teams, private legal counsel, concierge services, and layered governance structures became markers of sophistication for ultra wealthy families seeking greater control over their financial lives. Now, many Family Offices are moving in a different direction. Despite continued growth in global wealth, a rising number of Family Offices are downsizing, consolidating operations, or shutting down entirely. The shift has less to do with declining wealth and more to do with rising complexity, operational costs, and changing generational priorities. Maintaining a fully staffed Family Office today requires significant expense across talent, compliance, cybersecurity, technology, and administration. For many families, especially those below the ultra large institutional level, the structure no longer delivers the efficiency it once promised. The issue is rarely investment performance alone. More often, wealth disappears because of weak governance, lack of communication, succession failures, entitlement, and growing family fragmentation over time. Generational transition is also reshaping the Family Office itself. Second and third generation family members often bring different investment philosophies, levels of involvement, and long term priorities. As families spread across multiple regions and jurisdictions, alignment becomes more difficult and governance grows more complicated. In response, many families are adopting leaner structures focused on oversight and strategy while outsourcing specialized functions to external partners. Investment management, estate planning, reporting, cybersecurity, and administrative services can now be handled externally with institutional quality support. Technology has accelerated this shift, allowing smaller teams to operate with greater efficiency and visibility than ever before. The conversation is also becoming more intentional. Many families are no longer measuring success by the size of their operation. Instead, the focus has shifted toward governance, communication, succession planning, and long term family cohesion. In many cases, a smaller and more focused Family Office structure may be better suited for preserving wealth across generations than a large internal organization weighed down by complexity. The Family Office industry is still growing globally, but the model itself is changing. The future Family Office will likely be defined less by size and more by adaptability, clarity, and strategic coordination.

2026 will be an unprecedented year for consumer electronics, and the smartphone industry in particular. For fifteen years, the smartphone industry relied on a single, reliable assumption: components would inevitably get cheaper. While short-term volatility existed, the long-term downward trend in memory and display costs allowed for annual spec bumps without price hikes. In 2026, that model has finally broken, driven by a sharp and unprecedented surge in memory costs. AI has fundamentally reshaped demand. The same memory used in smartphones is now critical for AI data centers, as hyperscalers lock in silicon wafer capacity years in advance to fuel the AI boom. For the first time, smartphones are competing directly with AI infrastructure and memory prices are rising sharply as a result. In some cases, memory costs have already increased by up to 3x, with further rises expected as unprecedented demand continues to swallow available supply. Memory is fast becoming one of the most expensive smartphone components and potentially the single largest cost driver in the bill of materials by year-end, with estimates suggesting that memory modules which cost less than $20 a year ago could exceed $100 by year-end for top-tier models. The result is a structural shift. This is a reversal of everything we’ve come to expect from this industry. When something that used to get cheaper every year suddenly becomes a lot more expensive, the economics of building a smartphone fundamentally change. Brands now face a simple choice: raise prices, by 30% or more in some cases, or downgrade specs. The “more specs for less money” model that many value brands were built on is no longer sustainable in 2026. As a result, some markets, particularly entry and mid-tier segments, are likely to shrink by 20% or more, and brands that have historically dominated these segments will struggle. Pricing will inevitably also increase across our smartphone portfolio, particularly as we will upgrade some products launching this Q1 to UFS 3.1. However, for Nothing, the current situation represents a great opportunity. Operating without the cost advantages of industry giants forced us to innovate differently. We learned early on that we couldn’t win on spec sheets alone; instead, we focused on perfecting the user experience, proving that how a phone looks and feels matters far more than its raw numbers. That’s where our focus has always been. 2026 is the year the "specs race" ends. As the industry resets, experience becomes the only real differentiator. That is exactly what Nothing was built for. The era of cheap silicon is over. The era of intentional design is just beginning.

India has 150 million+ people above the age 60 and there is a massive opportunity to keep them healthy & fit. But everyone’s focused on Gen Z and no one’s building for their parents. It’s a hard business but a big one. We’ve invested in two companies. Here’s why it’s tough and how one should crack it. Understand the reality first. 1. Elders don’t think of “health” as proactive. They’re conditioned to wait until something breaks before acting. You’re selling a solution to a problem they don’t know they have yet. 2. The 65-year-old needs it but their 35-year-old child pays for it. You're not selling to the elder. You’re selling to their guilt-driven kids in Gurgaon or US. The buyer ≠ the user. 3. Trust is everything and you don’t have it. Indian elders trust: Their doctor, astrologer & their neighbour Not apps. Not tech bros. Not AI. You can't growth hack trust. You earn it slowly, locally. 4. They don’t want new habits. They’ve had the same breakfast for 40 years. You’re not selling a product. You’re undoing decades of routine. 5. Distribution is hyperlocal. Elders don’t click Insta ads. They talk to the uncle in their colony. You scale building by building not by user cohorts. Yes, 150M+ elders. But it’s not one market. It’s a thousand tiny tribes. Different languages, cultures, food habits, family structures, and tech comfort levels. If it were easy, Tata or Reliance would’ve done it already. But it’s wide open now. The one who combines tech + trust + real care will win. So how do you crack it? 1. Think first principles & not trends Don’t build a “senior fitness app.” Ask: Why did they stop moving? What gives them joy? You’re selling independence, not health. 2. Design for peace, not features. One-click help, One daily routine, One trusted face. Great elder products feel like human care not software. 3. Human-first, tech-enable. Don’t replace the daughter. Support her. Train 100 amazing elder coaches. Build tools to help them scale. 4. Don't focus on CAC. Here, it’s about trust per acquisition. You’re not selling toothpaste. You’re asking to be let into their daily life. Start offline. Build trust then tech. 5. You’re in the business of habit change & not selling an app or a pill. Get them to walk 15 minutes a day. Add protein to breakfast. Laugh more. Sleep better. Small wins compound. Don’t build for scale first. Build for consistency. Be in the business of habit change. 6. This isn’t a hackable D2C play. It’s a decade-long trust business. Build for one community. Get to know 100 elders by name. Solve deep, boring problems with elegance. Everyone’s chasing the next billion youth users. But the hidden opportunity lies in serving the first 150 million elders. The elder care market in India isn’t just underserved. It’s misunderstood and needs long-term play. Founders who crack this will build generational companies.

Consulting isn’t dying—it’s evolving. The traditional "finder, minder, grinder" framework that has defined the industry for decades is being disrupted. As client expectations shift and technology advances, the reliance on junior-heavy teams and leverage-based profit models is under significant pressure. The future of consulting lies in a new model where hands-on leadership is paramount. Corporate and Private Equity clients expect senior-level Partners to actively drive strategy execution. They want seasoned professionals with deep expertise to lead from the front, ensuring that solutions are not just designed but delivered with measurable impact. Successful consulting firms will focus on outcomes rather than hours. By integrating AI and other technologies, they will accelerate efficiency and enable senior leaders to focus on delivering real value. Clients are increasingly drawn to results-driven approaches that prioritise entrepreneurial thinking and experimentation over time-based billing. As technology advances over analytical tasks, human consultants must excel in areas machines cannot replicate: creativity, emotional intelligence, and cross-disciplinary collaboration. Coaching clients on how to leverage technology effectively will become a core skill, alongside curiosity and adaptability.

BREAKING! The FDA just released this draft guidance, titled Artificial Intelligence-Enabled Device Software Functions: Lifecycle Management and Marketing Submission Recommendations, that aims to provide industry and FDA staff with a Total Product Life Cycle (TPLC) approach for developing, validating, and maintaining AI-enabled medical devices. The guidance is important even in its draft stage in providing more detailed, AI-specific instructions on what regulators expect in marketing submissions; and how developers can control AI bias. What’s new in it? 1) It requests clear explanations of how and why AI is used within the device. 2) It requires sponsors to provide adequate instructions, warnings, and limitations so that users understand the model’s outputs and scope (e.g., whether further tests or clinical judgment are needed). 3) Encourages sponsors to follow standard risk-management procedures; and stresses that misunderstanding or incorrect interpretation of the AI’s output is a major risk factor. 4) Recommends analyzing performance across subgroups to detect potential AI bias (e.g., different performance in underrepresented demographics). 5) Recommends robust testing (e.g., sensitivity, specificity, AUC, PPV/NPV) on datasets that match the intended clinical conditions. 6) Recognizes that AI performance may drift (e.g., as clinical practice changes), therefore sponsors are advised to maintain ongoing monitoring, identify performance deterioration, and enact timely mitigations. 7) Discusses AI-specific security threats (e.g., data poisoning, model inversion/stealing, adversarial inputs) and encourages sponsors to adopt threat modeling and testing (fuzz testing, penetration testing). 8) And proposed for public-facing FDA summaries (e.g., 510(k) Summaries, De Novo decision summaries) to foster user trust and better understanding of the model’s capabilities and limits.

Indonesian president says palm oil expansion won’t deforest because ‘oil palms have leaves’ In a controversial speech on December 30th, Indonesian President Prabowo Subianto argued that oil palm plantations should be regarded as forests, calling for their expansion, reports Hans Nicholas Jong. “Oil palms are trees … they’ve got leaves,” Prabowo said. Researchers quickly condemned his remarks, citing well-established science on the environmental costs of oil palm cultivation, including deforestation, biodiversity loss, and carbon emissions. “Saying that palm oil is a forest crop is so bad because it seems like we don’t understand the difference between forests and plantations,” said Herry Purnomo, a senior scientist at CIFOR. He warned that such oversimplifications could harm Indonesia’s credibility in global climate discussions and exacerbate environmental degradation. 🚜 Deforestation Impacts: Oil palm plantations have driven one-third of Indonesia’s primary forest loss over two decades, releasing significant carbon emissions, particularly from peatland destruction. 🐅 Biodiversity Loss: Plantations threaten numerous species, including critically endangered orangutans and tigers, by replacing biodiverse forests with monocultures. 🌴 Global Backlash: Dismissing environmental concerns risks alienating key markets like the EU, which mandates sustainable palm oil imports under the new EUDR regulation. Prabowo’s statements also coincide with a symbolic shift in the Ministry of Forestry’s logo, replacing a traditional forest tree with an oil palm. Such gestures, critics argue, reinforce a narrative that undermines Indonesia’s commitments to addressing climate change. ⚠️ Economic and environmental risks⚠️ Palm oil remains a cornerstone of Indonesia’s economy, yet expanding plantations is fraught with risks. Research indicates that the country is nearing its environmental capacity for oil palm cultivation. Further expansion could exacerbate land conflicts, particularly with Indigenous communities, and increase the frequency of natural disasters such as flooding. Experts advocate for boosting yields on existing plantations rather than expanding into forested areas. This approach could balance economic interests with environmental sustainability, avoiding the pitfalls of unchecked growth. As CIFOR’s Herry pointed out, “We need to find balance between forest conservation and plantation productivity.” Indonesia’s leadership faces a critical choice: embrace sustainable practices or risk long-term ecological and economic fallout. Mongabay News story: https://lnkd.in/gDMNHjUp 📷 Various pictures of forests and oil palm plantations I've taken across Indonesia.

We talk a lot about the importance of copper in construction, electrical goods, electric vehicles and renewable energy production. We should also be talking about how the digitalisation of our world underscores the need to produce more copper than ever before. Rapid advancements in AI, the Internet of Things, and cloud computing are driving unprecedented demand for data storage and processing power. This surge is fuelling the expansion of data centres worldwide, making them the backbone of our digital economy. Copper is essential for the efficient operation of data centres, playing a critical role in electrical wiring, cooling systems, and network infrastructure. Its superior conductivity and reliability make it indispensable for maintaining the high performance and uptime that modern data centres require. At BHP, we estimate that copper demand in data centres will increase six-fold by 2050, reaching nearly 3 million tonnes annually. That uplift is roughly equivalent to the combined annual output of the world's four largest copper mines today. This growth is not just about meeting current needs but also about future-proofing infrastructure to handle the exponential increase in data traffic. As the world continues to innovate and expand, the importance of copper in data centre operations cannot be overstated. It's not just a material; it's the under-recognised ingredient in our digital economy. #DataCentres #Copper #DigitalTransformation #AI #IoT #CloudComputing #BHP

Notional defaults (red) remain low, even as bankruptcy filings (yellow) have picked up. ➡️ This is not a classical credit cycle. Bond default rates dollar-weighted have stayed MUTED, far below prior stress episodes, reflecting ample liquidity, refinancing capacity, and strong issuer differentiation. ➡️ Bankruptcy filing numbers in contrast have RISEN, concentrated among smaller, weaker firms, reflecting the K-shaped dynamic seen across the economy, consumers, and equity margin trends, and pointing to idiosyncratic stress rather than systemic deterioration, in our view. ➡️ In our 2026 Global Outlook, we write about how an environment of greater DISPERSION makes manager selection, due diligence, workout capabilities and track records even more crucial. It gives established lenders with strong documentation and proven expertise an edge.

10 Sustainability Trends to Watch 🌎 Sustainability is no longer a peripheral concern but a key driver of business strategy, shaping how companies operate and compete in today’s market. The intersection of regulatory shifts, investor expectations, and consumer demands is pushing businesses to integrate sustainability more deeply into their core operations. As the global landscape evolves, several trends are emerging that will define the future of corporate sustainability. Decarbonization and climate adaptation are becoming central to long-term planning. Companies are not only expected to reduce their carbon emissions but also to build resilience against climate risks. This shift is being driven by stricter regulations and global climate commitments, forcing businesses to take proactive steps in emission reduction and climate-proofing their operations. Biodiversity and nature conservation are gaining momentum as businesses recognize the importance of protecting ecosystems. Practices like regenerative agriculture and habitat conservation are no longer niche but are increasingly integrated into corporate strategies to address biodiversity loss and enhance ecosystem services. Companies investing in these areas are positioning themselves as leaders in environmental stewardship. In response to rising regulatory pressure, greenwashing is under intense scrutiny. Claims of environmental responsibility must now be backed by verifiable data, and companies face significant legal and reputational risks if found to be misleading. This trend reflects a broader shift toward greater transparency and accountability in sustainability reporting. Supply chain sustainability is evolving beyond direct operations, with companies focusing on reducing environmental impacts across the entire value chain. Managing Scope 3 emissions is becoming a priority, and new technologies are enabling businesses to track and reduce these emissions more effectively. As a result, sustainable supply chains are now critical to meeting both regulatory requirements and consumer expectations. The role of technology in sustainability is also expanding. AI and data analytics are playing an increasingly important role in optimizing resource use, tracking sustainability performance, and identifying opportunities for carbon reduction. These tools are helping companies make data-driven decisions and improve their environmental impact, positioning technology as a critical enabler in achieving sustainability goals. As sustainability continues to reshape industries, companies that stay ahead of these trends will not only meet regulatory demands but also gain competitive advantage by demonstrating leadership in responsible business practices. #sustainability #sustainable #business #esg #climatechange #climateaction 

BREAKING: The job market is cooling with hiring down 5.8% in March, according to LinkedIn's latest data. Worth noting: 62% of CEOs are now predicting a recession within six months, up from 48% just last month. Smart job seekers aren't panicking; they're strategizing. So, what does this mean for you if you're currently job searching or considering a move: 1️⃣ Target growing industries: Healthcare added 53,600 jobs last month, with social assistance adding 24,200 and retail trade gaining 23,700. Meanwhile, Utilities (+0.4%) and Holding Companies (+5.9%) were the only industries showing month-over-month hiring increases. 2️⃣ Develop future-proof skills: LinkedIn's report highlights several in demand skills plus I've added several employers value in uncertain times: • AI literacy and technology adaptation • Conflict mitigation and communication • Adaptability and agility • Data analysis capabilities • Cost management expertise • Supply chain knowledge (especially as tariffs impact operations) • Automation-related skills (as manufacturers focus on "more automation rollouts") Companies implementing AI are seeing 10% revenue increases—they need talent who can leverage these tools while demonstrating agility, which Aerotek's April report calls "the X factor that will give companies an edge." 3️⃣ Consider geography: The Sunbelt continues to outperform with Miami-Fort Lauderdale showing a 4.8% hiring boost and Phoenix maintaining strong numbers. Meanwhile, St. Louis (+4.2%) and Denver (+1.9%) are bright spots in other regions. If you've been searching for a while: Revisit how you present your skills: Highlight how you can help companies navigate uncertainty and control costs—top priorities as businesses prepare for potential downturn. Expand your industry targets: If you've been focusing on manufacturing (-10.3% YoY) or government (-17.3% YoY), consider how your transferable skills apply to healthcare, retail, or utilities. Consider contract roles: With economic uncertainty, many employers are shifting to flexible hiring strategies—these can be excellent foot-in-the-door opportunities. In every economic shift, there are still thousands of jobs being filled daily. Position yourself where growth is happening and showcase the skills employers need most right now. What strategies are working in your job search? Share them with me below. #LIPostingDayApril #Careers #LinkedInTopVoices