SANTA BARBARA, Calif. — Alphabet will spend about $200 billion this year to build out artificial intelligence capacity, with spending set to rise even further in 2027, according to Ruth Porat, president and chief investment officer of Google and Alphabet.

Speaking with Fortune editor-in-chief Alyson Shontell on Day 2 of the Fortune Most Powerful Women Summit, Porat said the company views the buildout as a durable, long-term opportunity. "We do see this as an opportunity that extends for quite some time," she said.

Porat, who ranks No. 11 on this year's Fortune Most Powerful Women list, represented one of the biggest players in the AI race at the summit, bringing what the newsletter CEO Daily described as a pragmatic optimism to a conversation it characterized as dominated by "guys who don't get out much."

She is more Main Street than Silicon Valley when it comes to AI's impact on the broader economy. One reason may be her background: Porat joined Google in 2015 from Wall Street, bringing rigor, transparency, and discipline to a company that had moved beyond search and advertising into sprawling bets on robots, autonomous vehicles, solar-powered drones, wearables, and a range of other ventures.

At the summit, she highlighted investments in skilled trades, energy capacity, and trust around AI. "If we don't collectively fortify the downside risk (of AI), we will not have the opportunity to capture the upside," she told the MPW audience.

Her remarks come amid renewed turbulence in technology markets, with Fortune's CEO Daily noting frantic selling in Asia as chip stocks nosedived.

A $124 Trillion Wealth Transfer

Beyond AI, the summit spotlighted a sweeping generational shift: about $124 trillion in wealth is set to be passed down by 2048, with much of that money going to women, from both their partners and their parents. Speakers discussed how the trend is reshaping philanthropy, investing, entrepreneurship, and overall spending.

Beth Meagher, Deloitte's U.S. federal health sector leader, cautioned that the opportunities created by this shift risk being overshadowed by the focus on frontier AI models and geopolitics. "This shift is something that I think we have a tremendous opportunity to lead from the front of," she said.

Morgan Stanley managing director Seema Hingorani also sees the opportunity. She founded the nonprofit Girls Who Invest to bring more women into the investment industry, and Morgan Stanley runs an incubator for women starting technology businesses.

Carmen James Randolph, CEO of the Women's Foundation of the South, is working with a new generation of philanthropists who want their dollars to solve tangible problems, such as improving maternal healthcare in areas where doctors and clinics are scarce.

Leadership Gains—and a Slowdown at the Top

On leadership, summit speakers noted that women have outpaced men in earning college and graduate degrees since the mid-1990s. While women lag in some STEM subjects, what holds many back is not skills but opportunity, desire, and other factors. Fortune's Claire Zillman led a discussion on how the rate of women being promoted into senior executive roles is slowing down.

Some of the challenges are personal. Hayden Brown, president and CEO of freelance marketplace platform Upwork, told Zillman: "I grew up in the most pro-women household, and yet it took our board chair, probably 10 years ago, to say to me, 'You should be a CEO.' And I was like, 'Really?'"

Other challenges are not unique to women. Centene CEO Sarah London spoke with Fortune's Sheryl Estrada about efforts to improve the healthcare experience for Medicaid and Medicare consumers, who are often the first to feel the impact of higher costs in the United States and the last to experience the benefits of technological innovation.

What keeps her inspired are the opportunities. "I came to Centene because I actually fundamentally believed that healthcare was at a much-needed inflection point relative to technology advancement and digitization," she said. "I wanted to be a part of that." She added that she feels those opportunities are poised to grow.

The summit's conversations also cover healthcare, geopolitics, media trends, trust, and the next era of wealth. One finding highlighted by CEO Daily: more than half of all U.S. work hours might be automated by 2035.

The Fortune Most Powerful Women Summit continues today, with conversations available via livestream. CEO Daily can be reached via Diane Brady at diane.brady@fortune.com.

This story was originally featured on Fortune.com.