1. China's "DeepSeek moment" triggered an AI selloff.

Global tech shares sold down on 27 January after new AI model DeepSeek challenged AI capital expediture assumptions. Leading AI chipmaker NVIDIA fell nearly 17% in one session, while AI power names like Vistra and GE Vernova fell some 20-30%. Tech volatility has continued since, with the Nasdaq index down 13.6% from its mid-February peak, as of 28 March.

2. But we are confident the AI growth story will continue

4Q24 earnings and forward guidance actually suggest only a limited near-term threat to AI capex. We now expect 35% y/y growth in Big 4 capex spending to USD 302bn, driven by strong demand for frontier models. Potentially lower training and inference costs could also accelerate AI adoption in a growing addressable market, boosting AI monetization in the medium to longer term.

3. So we buy the dip, and see value in actively investing in AI

Like in many industries, we think a mix of low-cost and high-cost AI solutions can coexist, serving different demands and use cases. Given strong near-term visibility for tech, we remain bullish on the AI theme, including large-cap names, leading cloud platforms, and semis. Tariff- and export-control-related uncertainty may spur more volatility ahead. Investors can potentially take advantage via structured strategies and by buying the dip.

Artificial intelligence: Gain insights about AI from the Chief Investment Office

Featured updates
Video updates
Related podcasts
Get in touch

Featured updates

NVIDIA slips after earnings but AI investment case intact

28 Aug 2025

NVIDIA reported strong results for the quarter that ended in July, beating both revenue and profit expectations. However, data center revenue came in slightly below expectations, sending shares lower in after-hours trading.

More progress toward China's AI self-sufficiency

25 Aug 2025

In this blog, we address the implications from DeepSeek's latest "software-first" innovation approach.

Is AI undermining labor market intelligence?

4 July 2025

Artificial intelligence is changing the way the labor market works. This may distort our ability to analyze labor market trends.

AI disruption and opportunity: A sector-by-sector guide for entrepreneurs

21 May 2025

We believe generative artificial intelligence (genAI) has the potential to transform industries and represent the most significant platform shift since the internet. In our latest report for entrepreneurs we look at the impact of AI on 11 different sectors.

10 predictions about AI

10 June 2024

1. AI will be the most profound innovation and one of the largest investment opportunities in human history

2. The ratio of monetization potential of the AI application layer to the costs of the enabling and intelligence layers will become a key metric for investment returns

3. AI will kick off a data center capex cycle that will dwarf general purpose data center capex in the next years

4. The AI silicon moment: AI chips will capture a large part of the AI value creation

5. The AI enablers will be the first adopters of AI, driving both revenue and margin upside

6. Monolithic players will emerge along the AI value chain and over time, the AI market will be dominated by an oligopoly of vertically integrated “AI foundries”

7. Software will become ubiquitous

8. Data assets will emerge as the competitive differentiators for AI adopters

9. Despite the increasing number of new open-source models, proprietary models will remain the top performers

10. The application and intelligence layers will merge with artificial general intelligence (AGI)

Want to learn more?

Artificial intelligence: Sizing and seizing the investment opportunity

Video updates

�۶��Ƶ Trending special report: The era of AI video series

Episode 9: New energy, new era

New energy, new era

This conversation with Julia Hermann, Global Market Strategist, New York Life Investments, takes us beyond the headlines and into the engine room of the AI revolution. As energy demands of AI data centers rival those of entire countries, we explore what powers AI and where that power will come from.

18 Jun 2025 | 13 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Episode 8: Digitalization of portfolios

Digitalization of portfolios

In this episode, Sandy Kaul, Head of Innovation at Franklin Templeton, discusses AI and its relationship to client portfolios. What happens when they merge and what impact will that have on the role of the financial advisor?

22 Apr 2025 | 13 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Episode 7: DeepSeek

DeepSeek

In this 7th episode of “The era of AI”, we have a conversation with Ankur Crawford, Executive VP and Portfolio Manager at Alger about DeepSeek. What is the cost of AI now that other AI machine are starting to emerge?

12 Mar 2025 | 17 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Episode 6: Healthcare

Healthcare

In this 6th episode of “The era of AI”, we have a conversation with Agustin Mohedas, Portfolio Manager & Research Analyst at Janus Henderson about AI in healthcare. What does this AI revolution mean for medicine?

21 Dec 2024 | 17 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Episode 5: Jobs

Jobs

This is the 5th episode of the series, “The era of AI.” We have a conversation with Poorya Ferdowsi at Bristol Gate Capital Partners about how AI is impacting jobs. Could AI's productivity boost be exactly what we need?

27 Nov 2024 | 12 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Episode 4: The power of energy

The power of energy

This is the 4th episode of the series, “The era of AI.” We have a conversation with Joe Wilson, Lead Portfolio Manager US Technology at JP Morgan about how AI is impacting everything energy touches. So, where are we going?

8 Nov 2024 | 16 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Episode 3: Equities

Equities

This is the 3rd episode of the series, “The era of AI.” We have a conversation with Kevin Dennean, Equity Strategist, US Technology & Telecom at �۶��Ƶ about how AI is impacting equities. In the evolution of AI, where in the line graph are we?

28 Oct 2024 | 11 min watch

Episode 2: The infrastructure

The infrastructure

This is the 2nd episode of the series – “The era of AI.” We have a conversation with Dan Flax, Global Research for Neuberger Berman detailing transformations about the utilization of AI in the health and education sectors.

8 Oct 2024 | 14 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Episode 1: The power sector

The power sector

This is the 1st episode of a new series – “The era of AI.” We have a conversation with Brian Blongastainer from BNY about transformations in the power sector utilizing AI.

6 Sep 2024 | 10 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

�۶��Ƶ Trending: Big shift in energy production and export

�۶��Ƶ Trending: Big shift in energy production and export

Think of energy infrastructure as the circulatory system of the modern economy - invisible to most. As artificial intelligence accelerates electricity demand, what does it take for the nation to go from energy dependent to global leader.

19 Mar 2025 | 12 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

�۶��Ƶ House View livestream replay – AI and DeepSeek

�۶��Ƶ House View livestream replay – AI and DeepSeek

Advancements in AI are emerging as a major focus in the investing landscape. Open source AI-model DeepSeek has raised concerns for many, generating a strong market reaction over the last couple of weeks. In this video, David Leftowitz, Head of US Equities, breaks down the potential implications of DeepSeek-R1 on the AI ecosystem.

6 Feb 2025 | 3 min watch

Highlights from our conversation with Jensen Huang

Highlights from our conversation with Nvidia CEO on seizing the AI opportunity

NVIDIA founder and CEO Jensen Huang shares with �۶��Ƶ his vision for the future of AI and the transformative impact it will have on the way we live and work.

8 Oct 2024 | 4 min watch

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

AI: Sizing and seizing the investment opportunity

AI: Sizing and seizing the investment opportunity

AI looks set to become one of the most profound innovations and largest investment opportunities in human history. In this video, CIO’s Kevin Dennean discusses how investors can quantify and capture AI’s growth potential.

10 Jun 2024 | 4 min watch

Related podcasts

�۶��Ƶ AI Podcast: CEO series

17 Jul 2025 | 35 min

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

The �۶��Ƶ AI Podcast explores the fascinating and evolving world of artificial intelligence, how it's transforming industries, redefining what's possible and reshaping the future. On this episode of the CEO Series, Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for �۶��Ƶ Wealth Management, converses with Dr. Kai-Fu Lee, Chairman of Sinovation Ventures, and CEO of 01.AI.

10 Jun 2025 | 38 min

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

A special edition fireside chat with Joe Tsai, Chairman of Alibaba, a global leader in e-commerce and artificial intelligence. Following introductory remarks from Mike Ebert, Head IB Americas at �۶��Ƶ, Ulrike Hoffmann-Burchardi, Global Head CIO Equity at �۶��Ƶ, moderates a conversation, delving into topics like the future of AI and the dynamics of the China Tech market.

16 May 2025 | 47 min

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

The �۶��Ƶ AI Podcast explores the fascinating and evolving world of artificial intelligence, how it's transforming industries, redefining what's possible and reshaping the future. On this episode of the CEO Series, Ulrike Hoffmann-Burchardi, CIO for Global Equities within the �۶��Ƶ Chief Investment Office, converses with Lin Qiao, the CEO and Co-Founder of Fireworks.

16 Apr 2025 | 36 min

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

The �۶��Ƶ AI Podcast explores the fascinating and evolving world of artificial intelligence, how it's transforming industries, redefining what's possible and reshaping the future. On this first episode of the CEO Series, Ulrike Hoffmann-Burchardi, CIO for Global Equities with the �۶��Ƶ Chief Investment Office, converses with Arvind Jain, the CEO and Co-Founder of Glean. Ulrike and Arvind dive into the vision behind Glean, and discuss the future of AI and workplace productivity.

Artificial Intelligence series 101

1 July 2025 | 18 min

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Michael Lippert is a Vice President, Portfolio Manager, and serves as the Head of Technology Research at Baron Capital. Listen to a wide-ranging conversation about the evolution of AI, including an assessment of the energy requirements to sustain global demand, a look at the global competitive landscape, along with anticipated future use cases of this rapidly evolving technology. Host: Daniel Cassidy

9 May 2025 | 25 min

This interview contains views which originate from outside Chief Investment Office Global Wealth Management (CIO GWM). It is therefore possible that the interview does not reflect the views of CIO GWM.

Zhang Zhang is the Head of AI and Risk Analytics at Polen Capital. Listen to a wide-ranging conversation about the evolution of AI, where AI is being under and over-hyped, words of caution to be mindful of, along with common current and anticipated future use cases of this rapidly evolving technology. Host: Daniel Cassidy

We’ll help you find a Financial Advisor

Become a �۶��Ƶ client

�۶���Ƶ