Australia’s $340 billion Future Fund has about one-quarter of its portfolio exposed to artificial intelligence in a meaningful way, according to chief executive Raphael Arndt. Arndt conceded that it is “nigh on impossible” for long-term investors to pick winners and losers from what he called “certainly, the most significant technological development of a generation, perhaps longer.” Instead of trying to pick winners, the Future Fund has launched an ambitious project to map the AI ecosystem. The goal is to build a framework that Australia’s sovereign wealth fund can use to identify where and how value will be created in the AI revolution, what macroeconomic forces could shape returns over time, and how AI investment opportunities will change.