Investment opportunities of artificial intelligence
In recent years, we have witnessed accelerated development in the field of artificial intelligence (UI). New UI models are developing, new tools and solutions are emerging, companies are developing UI strategies and looking for ways to help them increase productivity and reduce costs. Individuals also follow the development of UI – UI tools such as Chatgpt, Claude, Perplexity, Microsoft Copilot, have become part of most people of developed countries and those who do not use UI tools have certainly heard that something interesting is happening in the UI area. What does this mean for investors? Where are the investment opportunities and what investment risks are to be careful about?
Alexsandr Gutirea, Triglav Funds
The key thing to know is that the value added chain in the UI area is very complex and complicated. Three key segments are:
– physical infrastructure (for example, the development and production of various semiconductors, the development and production of equipment for data centers, construction and management of data centers, electricity production for data centers),,
– Digital infrastructure (for example, the development of large language models, development and management of solutions in the field of databases, counseling services),
– solutions (such as UI agents, marketing solutions for marketing, cyber security, healthcare, industry).
We are now in a situation where development in the field of physical infrastructure UI is overtaking development in the field of digital infrastructure and UI solutions. This is partly understandable and also expected. It is not possible to develop advanced UI solutions without semiconductors, memory semiconductors, data transfer equipment and access to affordable and reliable electricity sources. In the first segment, companies are rapidly investing in development and research and increasing the scope of physical capacities, be it factories for semiconductor production or new data centers. In terms of business results, the positive impact is noticeable especially in developers and manufacturers of different databases for data centers.
In the field of UI digital infrastructure, companies such as Openai, XAI, Anthropic, Deepseek, Mistral AI, Perplexity, Alibaba, Baidu, Alphabet, Amazon, Meta and Microsoft are at the forefront. Many of these companies do not list on the stock market, which means that most investors cannot invest in these companies. Most of the other companies, however, are US and Chinese technology giants, which, in addition to development in the field of digital UI infrastructure, also contribute to the development of physical infrastructure UI, by developing their own semiconductors and building their own data centers, and developing UI solutions for end users.
In the field of UI solutions, the situation is: expectations are high, certain examples of using UI solutions are promising, in the future we will see the greatest dynamics right in the companies in this segment. If expectations regarding the usefulness of UI solutions for end users come true, the aggregate increase in revenue in this segment will be the highest. It includes large manufacturers of software solutions, such as Alibaba, Alphabet, Amazon, Meta, Microsoft and Apple, with hundreds of million physical customers and hundreds of thousands of business customers.
The biggest investment opportunities are made by large technology companies, which in some cases control a large proportion of the total chain of value -making, and technology companies that develop data center equipment. The fact is that at many companies at this stage it is very difficult to determine how successful they will be in the development and implementation of UI solutions, and many other companies are not yet on the stock market.
