{"id":10686,"date":"2023-05-08T15:29:05","date_gmt":"2023-05-08T14:29:05","guid":{"rendered":"https:\/\/www.gpbullhound.com\/?post_type=article&#038;p=10686"},"modified":"2023-05-09T13:25:37","modified_gmt":"2023-05-09T12:25:37","slug":"jenny-hardy-discusses-big-tech-and-ai-on-bloomberg","status":"publish","type":"article","link":"https:\/\/www.gpbullhound.com\/articles\/jenny-hardy-discusses-big-tech-and-ai-on-bloomberg\/","title":{"rendered":"Jenny Hardy discusses Big Tech and AI on Bloomberg."},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Jenny Hardy, Portfolio Manager at GP Bullhound - Bloomberg\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/hjacQ0nn51k?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>Jenny Hardy, Portfolio Manager at GP Bullhound<\/strong>, commented:&nbsp;\u201cTech earnings have been fairly resilient this quarter. There are clearly still some ongoing inventory issues but if you take a step back, and look beyond the volatility, beyond some of the macro uncertainty, really, fundamentally, tech is still solving for many of the world\u2019s challenges. And that is really still driving demand for technology products and services.\u201d <\/p>\n\n\n\n<p>She continues: &#8220;A lot of this is about the fundamental strength of Big Tech, and I think that AI is the next example of tech&#8217;s capability to drive productivity, and we are starting to see some of this AI demand reflected in the fundamental earnings of Big Tech. Big Tech has had a cost cutting agenda. Mark Zuckerberg came out during the start of this year and talked about the &#8220;year of efficiency&#8221;, and that has been adopted by tech more broadly. They&#8217;ve all shown an excellent ability to cut costs, and tech is well placed to cut costs &#8211; it typically has high gross margins and strong market positions. That has also been a significant driver of earnings, and will continue to be a significant driver of earnings this year.&#8221;<\/p>\n\n\n\n<p>&#8220;When we think about investing, we really think about business models and competitive barriers to entry. Now, I think that\u2019s still quite uncertain in lots of AI. But what we do know, and we heard from all of Big Tech reporting last week, is that companies are investing. They are investing huge amounts of capex in AI infrastructure. For us, we play that through the semiconductors. If you look at servers that effectively enable AI applications, either training servers,&nbsp;inference servers,&nbsp;they all require a huge amount of semiconductor content,&nbsp;more GPUs (we own Nvidia), more and faster CPUs (and we own AMD). Both of those companies make their chips at TSMC (which we also own).&nbsp;Those are three companies that will really see fundamental demand, as a result of AI, this year.&#8221;<\/p>\n\n\n\n<p><strong>GP Bullhound Tech Thoughts<\/strong><br>As part of our Anglo-Swedish public funds team, Jenny holds a prominent role in our weekly <a rel=\"noreferrer noopener\" href=\"https:\/\/open.spotify.com\/show\/6XhSSnd5iMisOLTfJNKe8W?si=f26cc684fb1544ea\" target=\"_blank\">Tech Thoughts Podcast<\/a>&nbsp;and&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.gpbullhound.com\/category\/insights\/tech-thoughts\/\" data-type=\"URL\" data-id=\"https:\/\/www.gpbullhound.com\/category\/insights\/tech-thoughts\/\" target=\"_blank\">Tech Thoughts Newsletter<\/a>, which provides an overview of the latest economic developments in international markets. The podcast offers a detailed analysis of the most notable events impacting public markets and is a reliable source of the news and trends affecting the global technology landscape. The newsletter provides in-depth commentary and insights on the latest market updates within various areas including software, semiconductors, gaming, e-commerce, social platforms, and entertainment.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/open.spotify.com\/show\/6XhSSnd5iMisOLTfJNKe8W\"><img decoding=\"async\" width=\"1024\" height=\"427\" src=\"https:\/\/www.gpbullhound.com\/uploads\/2023\/05\/gp-bullhound-tech-thoughts-podcast-lister-to-this-weeks-episode-here-banner-1024x427.png\" alt=\"\" class=\"wp-image-10688\" srcset=\"https:\/\/www.gpbullhound.com\/uploads\/2023\/05\/gp-bullhound-tech-thoughts-podcast-lister-to-this-weeks-episode-here-banner-1024x427.png 1024w, https:\/\/www.gpbullhound.com\/uploads\/2023\/05\/gp-bullhound-tech-thoughts-podcast-lister-to-this-weeks-episode-here-banner-300x125.png 300w, https:\/\/www.gpbullhound.com\/uploads\/2023\/05\/gp-bullhound-tech-thoughts-podcast-lister-to-this-weeks-episode-here-banner-768x320.png 768w, https:\/\/www.gpbullhound.com\/uploads\/2023\/05\/gp-bullhound-tech-thoughts-podcast-lister-to-this-weeks-episode-here-banner.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>At GP Bullhound, we provide investors with access to category leading technology companies, globally. Our assets under management have a total value of more than $1bn, and our limited partners include institutions, family offices and entrepreneurs.&nbsp;Learn more about our funds&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.gpbullhound.com\/investments\/\" target=\"_blank\">here<\/a>.<\/p>\n\n\n\n<p><strong>Enquiries<br><\/strong>For enquiries, please contact:<br>Jenny Hardy, Portfolio Manager, at&nbsp;<a rel=\"noreferrer noopener\" href=\"mailto:jenny.hardy@gpbullhound.com\" target=\"_blank\">jenny.hardy@gpbullhound.com<\/a><\/p>\n\n\n\n<p><strong>About GP Bullhound<br><\/strong>GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world\u2019s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 13 offices spanning Europe, the US and Asia. For more information, please visit&nbsp;<a href=\"http:\/\/www.gpbullhound.com\/\">www.gpbullhound.com<\/a>.<\/p>\n\n\n\n<p class=\"has-x-small-font-size\"><em>The contents of this document (the \u201cPresentation\u201d) shall not be deemed to be any form of offer or binding commitment on the part of the GP Bullhound Entity and is: (i) provided for use by the intended recipient(s) (\u201cRecipient\u201d) for information purposes only; and (ii) prepared on the basis that the Recipient is a Sophisticated Investor. This Presentation and its information and contents (\u201cInformation\u201d) are not intended for, and must not be used or relied upon by, private or retail investors in the UK, EU, United States of America or any other jurisdiction where access, use, reliance upon, or availability of this Presentation or the Information would be unlawful. No representation or warranty, express or implied, is or will be made in respect of the Information and no responsibility or liability is or will be accepted by the GP Bullhound Entity, its Affiliates, Associates, or agents. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the accuracy, completeness or reasonableness of any projections, targets, estimates or forecasts contained in this Presentation or in such other written or oral information that may be provided by the GP Bullhound Entity from time to time. Further details about GP Bullhound\u2019s regulatory status can be obtained here:&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/eur03.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fprotect-eu.mimecast.com%2Fs%2FmGyyCkRLkHn15D8CMx3zc&amp;data=05%7C01%7CSabina.Woldai%40gpbullhound.com%7C763c794aa0354c85e43308db31dd1d53%7C3b0fdc57c6d24365a1648f7ace6b8bf6%7C1%7C0%7C638158597968598980%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=FQTa6J9N9lcUl5d%2BECmrz%2FcwRPOGXHlaPqx7xSUNaqk%3D&amp;reserved=0\" target=\"_blank\">www.gpbullhound.com\/regulatory\/<\/a>.<\/em><\/p>\n","protected":false},"featured_media":10707,"template":"","categories":[63,49],"sector":[37],"region":[47],"class_list":["post-10686","article","type-article","status-publish","has-post-thumbnail","hentry","category-blog","category-insights","sector-software","region-uk-ireland"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gpbullhound.com\/wp-json\/wp\/v2\/article\/10686"}],"collection":[{"href":"https:\/\/www.gpbullhound.com\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.gpbullhound.com\/wp-json\/wp\/v2\/types\/article"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gpbullhound.com\/wp-json\/wp\/v2\/media\/10707"}],"wp:attachment":[{"href":"https:\/\/www.gpbullhound.com\/wp-json\/wp\/v2\/media?parent=10686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gpbullhound.com\/wp-json\/wp\/v2\/categories?post=10686"},{"taxonomy":"sector","embeddable":true,"href":"https:\/\/www.gpbullhound.com\/wp-json\/wp\/v2\/sector?post=10686"},{"taxonomy":"region","embeddable":true,"href":"https:\/\/www.gpbullhound.com\/wp-json\/wp\/v2\/region?post=10686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}