Instead of a narrow 'defense tech' fund, General Catalyst invests through a wider lens called 'Global Resilience.' This thesis encompasses critical sectors like industrials, healthcare, and energy alongside defense, framing the investments around creating economically resilient and healthy societies to broaden their scope and appeal.

The popular narrative of deglobalization is incorrect. Geopolitical and economic shocks are not causing a retreat from global trade but rather a massive "rewiring." Countries and companies are adapting by diversifying sources and markets, creating a more resilient, albeit more complex, global economic system.

GC believes technology's natural gravity pulls toward concentration in a few mega-companies. Its investment thesis is to empower founders to build power-law companies that create a more distributed and inclusive innovation ecosystem, actively working against this concentration.

German defense firm Rheinmetall's market cap surged from $5B to $80B post-Ukraine invasion, mirroring the explosive growth of AI companies. This highlights how major geopolitical shifts can act as powerful, unexpected catalysts for traditional industries, creating immense value for well-positioned incumbents.

The most powerful investment opportunities are not in isolated themes but in their intersections. For example, AI's energy demand shapes national politics, which influences global supply chains and societal outcomes. Understanding these reinforcing forces is key to identifying underappreciated opportunities.

Companies are moving away from single, hyper-efficient global supply chains. The new strategy involves setting up parallel, regional manufacturing locations (e.g., China plus the US, or China plus Mexico and Vietnam) to create redundancy and mitigate risks from disruptions like pandemics, natural disasters, or geopolitical events.

Despite market hype around AI, Morgan Stanley's analysis shows the top three performing thematic stock categories in 2025 were critical minerals, AI semiconductors, and defense. These 'Multipolar World' investments highlight that geopolitical tensions are currently a more powerful driver of returns than pure tech innovation.

The Iran conflict highlights systemic supply chain vulnerabilities, pushing multinationals beyond optimizing for lowest cost. Companies must now build resilient "anti-fragile" supply chains that can withstand geopolitical shocks. This strategic shift requires significant capital expenditure, creating new investment opportunities.

In an era of geopolitical tension and inherent market unpredictability, the goal is not to forecast war outcomes but to build a portfolio that can withstand various scenarios. This means being positioned for uncertainty *before* a crisis hits, rather than trying to react during one.