Episode 5 of Agent Mode AI. Abby and Avery walk through AM-118, AM-119, and the vendor-economics section of AM-121 — three institutional capital cohorts reading the same AI risk surface from three different angles, behaving in three different directions, in 2026.

Sources cited:

- NBIM (Norges Bank Investment Management) governance documentation, 2015-2026

- CalPERS investment policy publications

- Lloyd's of London Futureset systemic-risk programme

- Munich Re Cyber Insurance Risk Report 2024-2026

- Swiss Re Institute sigma research 2025

- ServiceNow Q1 FY26 10-Q (SEC EDGAR filing)

- Datadog Q3 FY25 10-Q (AI-native cohort disclosure)

Claims tracked:

- AM-118 — The AI policy void at major pension funds — agentmodeai.com/holding/?claim=AM-118

- AM-119 — Reinsurance market AI tail risk pricing — agentmodeai.com/holding/?claim=AM-119

- AM-121 — AI in IT operations reality check — agentmodeai.com/holding/?claim=AM-121

Newsletter and the full Holding-up ledger: agentmodeai.com