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Season 7, Post 48: Janus time, 2025 edition
Janus is the Roman God of beginnings, gates, transitions, time, duality, doorways, passages and endings. As in prior years, he adorns the title of our final blog post of the season. We see Janus an appropriate symbol since he is usually depicted as having two faces, looking both to the future and to the past.
Rewind to just over three years ago and almost no one had heard of ChatGPT. Now, barely a sentence issues from a Chief Executive’s mouth without mention of AI. We tried to write about more than just this technology in our Blog posts over 2025, though it did feature in almost 20% of our content. The good news: at least it’s saving us time. The average Heptagon employee gains 39 minutes a week thanks to AI, as we described in post 42. Not everyone is an advocate, of course. For insights into the liveliest debate we heard on the topic this year, read post 25.
When in California for our sole US trip of 2025 (discussed in post 35) it was a relief that AI was not the only conversation in town. One of your author’s most memorable experiences of the year was taking an autonomous vehicle for the first time (see post 34). Although Waymo and its peers are now operational in eight US cities, driverless cars are set to hit both London and Tokyo in 2026. Next year could see an arrival in autopia (a term we first coined in 2015) combined with growing deployments of humanoids (discussed in detail in our February theme piece). AI is moving more and more into the physical world.
Two other themes will also feature prominently next year: stablecoins and space. Think of the former as a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, such as a fiat currency like the US dollar or a commodity like gold. The GENIUS Act has paved the way for their mainstream adoption. Expect to see more retailers and banks embracing them in 2026. Stablecoins will be discussed in detail in our first theme piece of 2026 - due out in February. Turning to space, we said in June that we see it as “the next frontier for both defence and data.” Next year will see the likely listing of SpaceX (last valued at $800bn). This offering will further ignite interest in the sector. Astro-politics is set to become the new geopolitics.
Thank you all for your interest and support over the past year. The Future Trends Blog will return in early January.
17 December 2025
The above does not constitute investment advice and is the sole opinion of the author at the time of publication. Past performance is no guide to future performance and the value of investments and income from them can fall as well as rise.
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Alex Gunz, Fund Manager
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The document is provided for information purposes only and does not constitute investment advice or any recommendation to buy, or sell or otherwise transact in any investments. The document is not intended to be construed as investment research. The contents of this document are based upon sources of information which Heptagon Capital LLP believes to be reliable. However, except to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to the accuracy or completeness of this document or its contents and, Heptagon Capital LLP, its affiliate companies and its members, officers, employees, agents and advisors do not accept any liability or responsibility in respect of the information or any views expressed herein. Opinions expressed whether in general or in both on the performance of individual investments and in a wider economic context represent the views of the contributor at the time of preparation. Where this document provides forward-looking statements which are based on relevant reports, current opinions, expectations and projections, actual results could differ materially from those anticipated in such statements. All opinions and estimates included in the document are subject to change without notice and Heptagon Capital LLP is under no obligation to update or revise information contained in the document. Furthermore, Heptagon Capital LLP disclaims any liability for any loss, damage, costs or expenses (including direct, indirect, special and consequential) howsoever arising which any person may suffer or incur as a result of viewing or utilising any information included in this document.
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