If Davos had a clear centre of gravity this year, it was technology—not geopolitics. The tech industry arrived in force, underscored by high-profile appearances from Elon Musk and Nvidia CEO Jensen Huang. The message was unmistakable: this is where attention, ambition, and capital are converging. With extraordinary sums being poured into artificial intelligence, unease among lenders and investors is understandable. Yet many executives were keen to reassure markets that fears of an AI bubble were overstated.