Investors came to Davos for AI. They left talking about Greenland
U.S. President Donald Trump (R) speaks with Apple CEO Tim Cook (L) while attending a reception for business leaders at the World Economic Forum (WEF) Annual Meeting on January 21, 2026 in Davos, Switzerland.
Chip Somodevilla | Getty Images
As I wandered between panels, hotel lobbies and meetings this week, it often felt like two conferences were being held in the same snowy Swiss village.
The mood at Davos was strikingly optimistic. Executives and investors have talked about AI moving from hype to production; Terms like “world models” and “physical AI” were floating around, as were discussions about the massive pools of capital ready to support it.
In another, some conversations appeared to culminate in tariffs, Greenland, geopolitical tensions and a growing sense that the global rules investors have relied on for decades are changing in real time.
Both worlds were constantly overlapping. Often in the same conversation.
Chavalit Frederick Tsao, chairman of Singapore-based family business Tsao Pao Chee, said on the sidelines: “What Davos highlights this year is not a crisis of innovation, but a crisis of consistency and loss of trust.” “Technology is advancing faster than our collective wisdom.”
Tension between rapid innovation and political uncertainty defined much of the week.
Trump came first…
On Wednesday, thousands of people waited in line for more than an hour to hear US President Donald Trump’s speech at the Convention Hall. I waited in line for 90 minutes. Inside, the atmosphere was more like a concert than a policy forum.
Trump’s speech oscillated between humor, provocation and unpredictability. But the mood in the room changed when he returned to Greenland and insisted that the United States should take the Arctic island.
The people who were laughing a few minutes ago fell silent. Some shook their heads; The others exchanged uneasy glances.
Over the next few hours, Greenland and tariffs dominated the conversation, appearing to move away from AI infrastructure and energy investments to trade leverage and political risk.
… Then came Musk
The very next day, Elon Musk returned to Davos after years away from the forum.
In an intense session, Tesla’sIts CEO outlined an ambitious vision for the development of robotaxi, humanoid robots and artificial intelligence. Tesla’s driverless robotaxis will be “very, very common” in the US by the end of 2026, he said. He also predicted that artificial intelligence could surpass human intelligence in as little as this year.
It reset the mood for many participants. Conversations then shifted to data centers, battery storage, computing power and how cities and grids will cope with the expected increase in energy demand.
The difference from the previous day was very noticeable.
One day, Davos was trying to understand the geopolitical implications of Trump’s speech. Then it was time to talk about the technological future in full swing.
‘Conviction-oriented’
This whiplash continued to emerge in interviews throughout the week.
Waleed Al Mokarrab Al Muhairi, deputy CEO of Abu Dhabi-based investment giant Mubadala, told CNBC’s Dan Murphy that his investment stance in 2026 can be summed up in two words: “belief-driven.”
“So it’s not chaotic, but undoubtedly the world is becoming more fragmented,” he said.
“This will have its opportunities, but it will also have its pitfalls… As long as you can use capital in a methodical, strategic and faith-driven way, I think you will be ahead of the rest.”
Joe Kaeser, chairman of Siemens Energy, meanwhile, framed AI as an industrial opportunity rather than a race for consumers.
“There is no other continent in the world that has as much data on industrialization, mechanization and automation as Europe,” he told CNBC.
“Combine this with computing power and Europe has the best options for defining where the physical and virtual come together.”
Kaeser said leaders are still waiting to see whether their policy announcements will lead to action.
“The jury is still out on whether things will be implemented as announced,” he said. “But if one of the very important players is not willing to play, it will be bad for everyone.”
Countries tried to reassure investors
For finance ministers and other policymakers, much of Davos’ message this year was about reassurance.
South African finance minister Enoch Godongwana drew attention to recent credit increases, his country’s removal from the US Financial Action Task Force’s gray list and political stability, before the conversation turned to managing ties with Washington and trade talks.
“The number one risk to the South African economy is the geopolitical situation,” he told CNBC. “It’s hard to predict and we don’t know the consequences.”
Saudi Arabian finance minister Mohammed Al-Jadaan has repeatedly touched on the need for dialogue.
“What businesses need is certainty,” he said, adding that disputes should be resolved through dialogue.
Two Davos side by side
By the end of the week, a clear pattern emerged.
Panels on artificial intelligence, energy transition and industrial reinvention were packed. Private discussions focused on expansion, distribution and long-term prospects.
But in less busy moments – over coffee, in corridors, in shuttles – the conversation turned to Greenland, tariffs and how quickly policy could change the investment calculus.
One Davos focused on the technology frontier and what AI can unlock. The other focused on managing geopolitical uncertainty and preserving the conditions that made this progress possible.
Both appeared at the same time, in the same village, often in the same conversation.
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