MONTY by March Capital

[Monty2026: Leadership Insights]

Michael Milken (Chairman, Milken Institute) in conversation with Jamie Montgomery (Co-Founder & Managing Partner, March Capital)

Milken revisits a formula he developed at Berkeley in 1965: human capital is the world's largest asset, and connecting capital to people with new ideas is the highest-multiplier act a society can perform. He argues that U.S. financial assets of roughly $250 trillion are dwarfed by an estimated $2,000--3,000 trillion in social and human capital.

He illustrates the stakes with striking mobility data and proposes a bold residency pathway for high-net-worth immigrants as a more powerful fiscal lever than conventional tax policy.

[Monty2026: Disruptive Technologies]

Ryan Daniels (Co-Founder & CEO, Crosby), Ori Eldarov (Co-Founder & CEO, OffDeal), and Nico Laqua (Founder & CEO, Corgi) discuss AI-native professional services with moderator Marc Bhargava (Managing Director, General Catalyst).

The founders, who are building a law firm, an investment bank, and an insurance company from scratch, share a thesis that the most durable AI opportunity lies in fully integrated companies, not software sold to incumbents. Daniels frames legal work as second only to code generation in its transformability by AI, and has eliminated the billable hour entirely at Crosby.

Eldarov built OffDeal around the $3.7 trillion in businesses needing to change hands over the next decade. Laqua describes Corgi becoming a licensed insurance carrier rather than building software on top of existing players.

[Monty2026: Disruptive Technologies]

Aklil Ibssa (Coinbase), Farooq Malik (Rain), Yoshi Yokokawa (Alpaca), and Bentzi Rabi (Utila) discuss stablecoin infrastructure with moderator Hans Morris (Managing Partner, NYCA; former President, Visa).

Morris frames the market opportunity: total stablecoin volume sits around $60 trillion, but over 90% remains in crypto settlement rather than real-economy use. Remittances and payroll, a combined $200 billion market, remain under 1% stablecoin-denominated.

The panel identifies five criteria for institutional-scale adoption: data standardization, interoperability, money quality, settlement infrastructure, and governance. They note meaningful progress since the Genius Act's passage and the emergence of more than 50 national regulatory frameworks.

[Monty2026: Disruptive Technologies]

Jason Lee (Head of Digital Natives, OpenAI), Michael Reitblat (CEO, Forter), and Kai Wu (Chief Revenue Officer, Airwallex) discuss autonomous transactions with moderator Kasey Lobaugh (Chief Futurist, Consumer Industry, Deloitte).

Reitblat's data shows fully agentic transactions remain under 10 basis points of all commerce, but are growing roughly 20% month-over-month. More than 12% of agentic transactions on Forter's network were fraudulent that morning, versus 1--3% for conventional e-commerce, as fraudsters move faster than legitimate adoption.

Market-size estimates range from Morgan Stanley's $200 billion by 2030 to McKinsey's $5 trillion, and the panel agrees that trust, not technology, is the real bottleneck to adoption.

[Monty2026: Disruptive Technologies]

Kahlil Lalji (Co-Founder & CEO, Natural), Paul Klein (CEO, Browserbase), and Sudheesh Nair (Co-Founder & CEO, TinyFish) discuss agentic infrastructure with moderator Matt Vail (Head of VC Partnerships, OpenAI).

The panel debates the shift from human-to-web to agent-to-web interaction, with Klein arguing that AI can operate on the internet as it exists today, with no rebuild required. Lalji predicts that agents will execute a majority of global payment volume within a decade.

Nair offers the most sweeping claims: that 2024 was the first year humans became a minority of web traffic, that 90% of B2B transactions worth roughly $15 trillion will be disintermediated by agents, and that brand equity built for human attention may become functionally obsolete.

[Monty2026: Disruptive Technologies]

Stelios Diamantidis (Chief Product Officer, Cognichip), Ofer Shacham (Co-Founder & CEO, Majestic Labs), and Joseph Costello (CEO, InPho) discuss AI hardware bottlenecks with moderator Shahin Farshchi (General Partner, Lux Capital).

Framed around Nvidia's $20 billion acquisition of Groq, the panel examines why chip development still runs on multi-year timelines despite rapid software innovation. Shacham argues that even a hypothetical zero-power, infinite-performance processor would yield only marginal gains because memory subsystems cannot feed it fast enough.

Diamantidis describes sophomore-level students designing entire custom CPUs in five-day hackathons using AI-assisted tools, pointing to a collapse in chip-design barriers. The panel's consensus is that system-level architectural rethinking, not incremental silicon improvements, will drive the next 100x efficiency gain in AI compute.

[Monty2026: Disruptive Technologies]

Youngjun Choi (Global Robotics & Physical AI Leader, EY) moderates a panel with Amit Goel (Head of Edge Computing Product & Robotics Ecosystem, Nvidia), Jagdeep Singh (Founder & CEO, Rhoda AI), Junghee Ryu (Founder & CEO, RLWRLD), and Ali Agha (CEO, Field AI).

The panel converges on manufacturing, logistics, and construction as the most immediate opportunities for physical AI, driven by acute labor shortages. Panelists debate general-purpose versus purpose-built robot form factors, converging on a near-term hybrid of wheeled mobility with a dexterous humanoid upper body.

Goel compares humanoid robots to the iPhone platform shift, while the group agrees that the biggest misconception in the field is overconfidence in teleoperation data as the path to scale. They argue instead for simulation and architectural approaches that embed physics into the model.

[Monty2026: Disruptive Technologies]

Izhar Medalsy (Co-Founder & CEO, Quantum Elements), Carmen Palacios-Berraquero (Founder & CEO, Nu Quantum), Pete Shadbolt (Co-Founder & Chief Science Officer, PsiQuantum), and Katie Pizzolato (VP, Quantum Platform & Global Community, IBM) discuss fault-tolerant quantum computing with moderator Prineha Narang (Professor, UCLA; Operating Partner, DCVC).

The panel traces the engineering path from today's noisy qubits to million-qubit error-corrected machines. Shadbolt describes PsiQuantum's 90,000-square-foot, 22-megawatt quantum facility under construction in Chicago, while Pizzolato outlines IBM's 2029 roadmap for a first fault-tolerant system.

All panelists converge on computational chemistry and molecular simulation as the industry quantum will transform first, with Shadbolt adding a provocative prediction that meaningful progress on code-breaking could be feasible within five years.

[Monty2026: The Agentic Enterprise]

Raj Subramaniam (CEO & President, FedEx) in conversation with John Chambers (Founder & CEO, JC2 Ventures)

Subramaniam describes FedEx's three-layer AI strategy: operational efficiency, differentiated services, and a new external data unit called FedEx DataWorks. The strategy is built on a network that moves $2 trillion in global commerce and 2 petabytes of data daily across 17 million packages. The company rolled out AI training to all 530,000 employees in December.

Chambers argues that AI is moving five times faster than the internet transition. Both stress that cultural readiness and CEO-led change management, not technology access, determine whether large incumbents actually transform.

[Monty2026: The Agentic Enterprise]

Atif Zaim (Deputy Chair & Managing Principal, KPMG U.S.) and Umesh Sachdev (Co-Founder & CEO, Uniphore) discuss enterprise AI deployment with moderator John Chambers (Founder & CEO, JC2 Ventures).

Zaim describes KPMG's shift from AI pilots to enterprise-wide industrialization across 35,000 U.S. professionals, arguing that the biggest challenge is human, not technical. Cultural change cannot be delegated to IT. Sachdev, drawing on Uniphore's 200+ C-suite conversations over the past year, says enterprise buyers have stopped asking what AI can do and now demand dollar-value outcomes within 12 months.

Chambers frames the moment competitively, predicting the top three enterprise B2B software companies of the next decade will be AI-native from the ground up.