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Investment Event

AI trade wobble
29 January 2025
    Articles
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    Key takeaways

    • The release of an AI model, R1, by Chinese company DeepSeek has injected significant uncertainty over the future of the global AI business model
    • It is too early to argue for a big negative impact on AI capex spend and chip demand, and the wider US tech sector
    • But with DeepSeek potentially challenging the market dominance of US megacap tech firms, we think it makes sense to be cautious on the sector
    • We think there is a possibility that market performance “broadens” and “deepens” away from megacap tech in 2025

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