![]() ![]() When OpenAI launched their chatbot ChatGPT last November it took only five days to reach one million users – a record. GAI refers to a class of machine-learning models that are designed to capture patterns in the underlying data to be able to create (generate) new data that plausibly matches the original dataset – creative algorithms. The arrival of Generative Artificial Intelligence (GAI) has been touted as "a very big moment for the computer industry" by a leading technology CEO. But this has more to do with markets technicalities and savings programs than with exciting new growth segments. ![]() But not least because of the sectors outperformance this year, IT trades again on a 40% premium to the markets. the market since the bursting of the dotcom bubble. Admittedly, IT in 2022 has seen its worst correction vs. No surprise that investors felt vindicated when the information technology sector (IT) started to underperform in late 2021, mainly for three reasons: rising interest rates reduced IT demand post-Covid, and geopolitical tensions leading to tech-related sanctions. Even if you invested at the worst of all times in the Nasdaq Composite Index (March 2000), you would have averaged a 5% annual return by now. It has been a smooth ride for technology investors for decades. ![]()
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