Generative AI is destined to be the key driver of equity markets over the next decade or so. We view artificial intelligence (AI) as the fourth wave of digital technology (after the PC, internet and mobile), with each stage having a progressively greater impact on the labor market, productivity, sector concentration, and free cash flow (FCF) generation. We briefly summarize these four implications below and then dive deeper into the first. This is the first of four papers published on the topic in the coming months.