In his first encyclical, "Magnifica Humanitas," Pope Leo XIV framed the future of artificial intelligence as a choice between two construction projects: Babel, built by people so captivated by their own ambition they never ask what they're building or whom it serves; and Nehemiah's Jerusalem, governed by the people who will have to live with what gets built.

In his first encyclical, "Magnifica Humanitas," Pope Leo XIV framed the future of artificial intelligence as a choice between two construction projects: Babel, built by people so captivated by their own ambition they never ask what they're building or whom it serves; and Nehemiah's Jerusalem, governed by the people who will have to live with what gets built. It's a striking moral marker laid down over the technology reshaping every portfolio on earth.
I'm not putting the Pope in an asset-allocation model. But the point is a good investing discipline too: be clear-eyed about what you're building. We own AI through profitable, accountable companies and the real-world infrastructure they depend on — the power, the fiber, the chips — not the most speculative promises. In a week the market reminded everyone that froth gets punished, that's a comfortable place to stand.
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