For much of the past decade, BlackBerry has been viewed as one of technology’s most recognisable cautionary tales.
Formerly synonymous with smartphones, the company appeared to lose relevance as Apple and Android changed the mobile market. Yet recent attention surrounding BlackBerry’s QNX operating system and its growing role in robotics, autonomous systems and artificial intelligence tells a very different story.
According to Varun Datta of Truth Ventures, BlackBerry’s resurgence highlights an often-overlooked lesson: the biggest technology winners are not always the companies’ consumers see every day.
“The biggest technology winners aren’t always the companies’ consumers see every day,” Datta explains. “Very often they’re the businesses quietly building the infrastructure that enables entire industries to function.“
For Varun Datta, BlackBerry’s evolution illustrates how technological value shifts over time.
BlackBerry’s AI Comeback Is Really an Infrastructure Story
“People naturally associate BlackBerry with mobile phones because that’s the product they interacted with,” Datta says. “Today, the company’s greatest value lies much deeper within the technology stack through software that powers connected vehicles, industrial automation and increasingly sophisticated AI-powered systems.”
He believes the same pattern has repeated throughout every major technological revolution:
“Amazon Web Services transformed cloud computing without becoming a consumer brand. Cloudflare quietly became one of the internet’s most important infrastructure companies by helping secure and accelerate millions of websites. ASML manufactures advanced lithography machines which underpin the global semiconductor industry, while Qualcomm’s technology powers billions of connected devices worldwide.
“Most people rarely think about these companies during their daily lives, yet modern digital infrastructure simply wouldn’t function without them.”
According to Varun Datta, the greatest long-term value is often created furthest from the consumer.
“The businesses quietly providing the infrastructure frequently become more strategically important than many of the brands consumers interact with every day.”
AI Growth Depends on the Technology Behind the Applications
Varun Datta believes artificial intelligence is following the same trajectory. “Much of today’s attention understandably focuses on applications such as ChatGPT, Claude or Gemini. But under those platforms sits an enormous technology stack comprising advanced semiconductors, cloud computing, networking infrastructure, data centres and increasingly sophisticated software operating systems.
“As AI continues developing, those basic layers are likely to become even more valuable.”
For Varun Datta, infrastructure investing continues to attract long-term capital for the same reason.
“Every major technological development creates a new generation of businesses building the foundations that everyone else relies upon. During the internet era, it was cloud computing, payment infrastructure and enterprise software. Today we’re seeing similar opportunities emerge across artificial intelligence, digital identity, blockchain infrastructure and tokenisation.”
He believes one of the most significant developments remains the growing convergence between AI, robotics and connected physical infrastructure.
“The future of AI isn’t simply about software generating text or images,” Datta explains. “Increasingly, intelligent systems will interact with driverless cars, manufacturing equipment, logistics networks, industrial robots and connected infrastructure operating continuously in the physical world.”
That shift places increasing importance on reliability. “As more autonomous systems begin making decisions in real time, resilient infrastructure becomes absolutely critical. Whether we’re discussing operating systems, networking architecture or secure digital infrastructure, these technologies become increasingly valuable precisely because they’re expected to work invisibly.”
According to Varun Datta, history shows that infrastructure businesses often compound value over exceptionally long periods.
“Nvidia spent years being known primarily within specialist computing communities before becoming central to the global AI economy. TSMC quietly became one of the world’s most strategically important manufacturers long before most consumers recognised its name. The same pattern can be seen across enterprise software, cloud computing and telecommunications infrastructure.”
Rather than focus only on the consumer technology dominating headlines, Datta believes investors should pay greater attention to the businesses that enable those products to exist.
“Consumers naturally remember the applications they use every day,” he says. “Investors should also be asking what technologies make those applications possible in the first place.”
Why Infrastructure Investing Extends Beyond Artificial Intelligence
This broader philosophy increasingly goes beyond artificial intelligence.
Over the past two years, organisations including BlackRock, Visa, Mastercard and Intercontinental Exchange have all expanded their exploration of digital assets, tokenisation and next-generation financial infrastructure.
According to Varun Datta, this demonstrates that institutions are increasingly interested in technologies that improve efficiency inside existing financial systems rather than creating entirely new ones.
“The conversation has become much more sophisticated,” Datta explains. “We’re moving beyond asking whether emerging technologies have potential. Increasingly, we’re discussing how infrastructure can improve settlement, digital identity, payments, automation and operational durability across the global economy.”
The Future of Technology Will Be Built Behind the Scenes
For Varun Datta, BlackBerry’s renewed relevance serves as a reminder that technological leadership often emerges from unexpected places.
“The companies generating the biggest headlines aren’t always the businesses creating the greatest long-term value,” he concludes. “Often, the real payoff comes from the infrastructure that keeps entire industries running.”
“History consistently rewards organisations building the foundations that entire industries depend upon. Those businesses rarely dominate the news cycle because good infrastructure is designed to fade into the background, yet its impact remains unmistakable.
“But if we’ve learned anything from cloud computing, semiconductors and now artificial intelligence, it’s that the technologies working quietly behind the scenes often become the ones that shape the future. That is where permanent value tends to emerge.
