AI is accelerating scientific research, infrastructure development, communications and finance, as well as contributing to the fight against climate change
Generative artificial intelligence (“Gen AI”) is becoming increasingly important for both governments and companies. From a government point of view, it is evidenced by the intensifying AI race in the United States, which continues to promote major initiatives such as the $500 billion Stargate AI programme, and China, which wants to achieve self-sufficiency and become a leader in this field thanks to DeepSeek's open source and low-cost AI advances.
From a company point of view, it may still be ‘too early’ to know for sure which sectors will be able to leverage AI to improve margins and gain a competitive edge. There is nevertheless no doubt that AI is accelerating scientific research, infrastructure development, communications and finance, and its contribution to fighting climate change should not be overlooked either.
In our view, AI is a long-term and multifaceted investment theme, with exciting investment opportunities arising from both AI infrastructure providers and AI adopters. AI infrastructure providers, such as dedicated AI chip producers, datacenters, hyperscalers have been already benefiting from the Gen AI deployment. The proof is in the huge capital expenditure of hyperscalers, such as Meta Platforms, Alphabet, Amazon and Microsoft, with Meta Platforms alone committing $60-65 billion in Capex for AI by 2025[1]. Even in the event of any moderation in Capex, these would be countered by the growth in overall demand for AI resulting from the increase in the efficiency of its models, according to Jevons' paradox (Jevons' paradox states that increasing the efficiency of resource use often leads to higher overall consumption of that resource, rather than a reduction, due to lower costs and increased demand). In a second phase we are convinced that the early adopters, such as SAP, Salesforce and ServiceNow, will unlock efficiency potential.
In terms of adoption, it is clear that scientific research is certainly one of the fields in which AI is having a real impact. If we consider oncological research and, specifically, theranostics, i.e. nuclear medicine applied to cancer diagnostics and treatments, artificial intelligence plays a crucial role in clinical development (from imaging analysis to therapy delivery), also incorporating patient-specific factors. Artificial intelligence makes it possible not only to improve diagnostic and therapeutic outcomes, and can even accelerate medical research and drug development.
This is just one of many instances where concrete applications of AI are already transforming industries, reinforcing its role as a powerful driver of the global economy with significant positive implications for society. Leveraging our deep technology expertise, we recognize that while AI adoption presents challenges—such as privacy and data security—it also offers opportunities. The key lies in harnessing its full potential while proactively addressing ethical and security concerns. Investors can play a vital role in shaping a responsible AI future by selectively investing in companies and segments that prioritize safe and sustainable AI implementation.
[1] Source : https://www.reuters.com/technology/meta-invest-up-65-bln-capital-expenditure-this-year-2025-01-24/
