We were wrong about AI. We thought it would just disrupt white-collar jobs. Turns out it’s disrupting entire white-collar businesses. Lower barriers to entry + better cost structure mean old firms are facing new competition for the first time in decades. I’ve personally seen it in consulting, and now it’s coming for investment banking. If you’re a managing director and you don’t think this is going to affect your P&L, you’re in for a rough awakening over the next 24 months.