What Ferrari Taught Us About the Next AI OpportunityBy Joel Litman, chief investment officer, Altimetry
 A healthy dose of skepticism helped save Ferrari (RACE)...
In Europe, WhatsApp is as normal as e-mail or text. Companies often conduct business through the messaging app. So when a Ferrari executive received a WhatsApp message from CEO Benedetto Vigna in July 2024, it didn't raise any red flags. At least, not at first. The messages came from a new, unknown phone number. Vigna assured the executive that this was for security purposes... as his request involved sensitive information. The CEO's profile even featured a new photo of him standing proudly in front of a large Ferrari symbol. His messages got right to business. Vigna said the company was working on a major acquisition. Milan's stock exchange and Italy's chief market regulator were already aware of the deal. Time was of the essence for the executive to help work things out. However, what happened next would expose one of the most convincing corporate scams in recent memory. The next thing the Ferrari executive knew, he was on a phone call with the company's CEO...Vigna said the acquisition could face complications in China. So they needed to carry out some foreign-exchange transactions. Vigna's voice carried his familiar southern Italian accent and cadence. And it wasn't unreasonable to think the CEO would work and talk with urgency. But something wasn't adding up. Alarms were sounding in the executive's brain. He did some quick thinking. Vigna had recommended a specific book to him a few days earlier. So he asked the Ferrari CEO a simple question... What was the book's title? Click. The caller hung up.
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Just like that, the executive's suspicions were proven correct. The new WhatsApp number was bogus. The acquisition and subsequent complications were a work of fiction...And the real Benedetto Vigna hadn't written or uttered a single word. Someone had tried to infiltrate Ferrari's inner circle by building a believable identity from bits and pieces of reality. And they came far too close for comfort. This is what modern deception looks like. For years, we've been taught to watch for the obvious warning signs in fraudulent communications: bad grammar, suspicious links, and stories that make no sense. But AI has raised the bar for how a scam can look and sound. Today, AI can recreate a convincing voice from a handful of audio snippets. A few still frames or a short video clip is all you need to create a lifelike AI "avatar." Technologically savvy folks may be able to spot the differences right now. But as "deepfake" technologies advance, most of us won't be able to tell fiction from reality. And as these schemes grow more sophisticated, cybersecurity has to stay one step ahead...The Ferrari incident wasn't an isolated case. Deepfake scams have hit other major companies as well, including global engineering firm Arup and advertising giant WPP (WPP). The tools behind them are becoming more accessible, more affordable, and more convincing. That's putting a premium on the businesses building cybersecurity defenses. Identity verification, threat detection, and fraud prevention are now top priorities for most companies. This is how you protect against a threat that can now sound like your boss. So the next AI fortunes aren't limited to the companies building large-language models and chatbots. They include cybersecurity firms that are putting up the guardrails around that technology. Regards, Joel Litman
July 20, 2026
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