From Cosmic Evolution to Hyperintelligence: A Conversation with Lars Tvede and Hong Hao
In this engaging conversation, Lars Tvede, renowned author and investor, sits down with Hong Hao, economist and hedge fund manager, to discuss his latest book Hyperintelligence. Together, they explore how intelligence has evolved from the Big Bang to the rise of AI, what the coming wave of agentic systems and smart robots means for productivity and labor, and how these shifts may reshape global business cycles, markets, and investment opportunities.
Blending big-picture theory with practical insights, Tvede shares why he believes technology is overwhelmingly a force for good, how China and the U.S. are positioning themselves for the AI era, and what advice he has for the next generation entering a world of accelerating change.
Interview Highlights: Lars Tvede x Hong Hao
In this in-depth interview, author and investor Lars Tvede speaks with economist and hedge fund manager Hong Hao about his new book, Hyperintelligence, and the broader themes of his work.
Tvede reflects on his prolific writing career—17 books, several bestsellers in China—and explains how writing has been a way of learning, from marketing and finance to psychology and economics. With Hyperintelligence, co-authored with Daniel Kaver and Jacob Buck Axelson, he explores a “cosmic evolution of intelligence”: from the Big Bang’s rise of complexity to the emergence of life, brains, technology, and today’s AI.
Highlights from the discussion include:
- The next frontier of AI: “agentic” systems capable of initiative and innovation, not just reasoning—potentially billions of smart robots by 2050, reshaping productivity and labor.
- Economic implications: AI could smooth short inventory cycles but won’t eliminate capital spending or property cycles. Instead, better real-time data and forecasting tools will shorten lags and improve predictions.
- Markets and investment: Near-term stagflation risks may give way to a surge of investment in chips, energy, and data centers, supporting productivity growth and possibly fueling a new bull run. China, meanwhile, is shifting from property to infrastructure and energy, preparing for the AI era.
- Value capture: While big AI models may lack long-term “moats,” domain-specific applications and agentic AI solutions in sectors like finance, pharma, and biotech are likely to generate the most lasting value.
- Advice to the next generation: Know yourself (ikigai), focus on fast-moving fields such as agentic AI, and for investing, rely on long-term equity exposure with dollar-cost averaging.
Throughout the conversation, Tvede emphasizes a cautiously optimistic outlook: technology brings risks, but history shows it is overwhelmingly a net positive. The interview blends grand themes about cosmic intelligence with practical insights on economics, markets, and personal strategy.
Watch the recording here.