In this discussion, Ben Rogoff, the Manager of Polar Capital Technology Trust, dives into the fast-paced advancements in artificial intelligence. He highlights the emergence of DeepSeek and its implications for tech giants like Nvidia. The conversation explores the competitive dynamics between AI technologies, including insights on Chinese firms. Rogoff also addresses the effects of US tariffs on investments and shares strategies for navigating market volatility, emphasizing the transformative potential of agentic AI and the importance of long-term investment.
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insights INSIGHT
DeepSeek Shock Overstated
The DeepSeek announcement in January caused a market panic but was an overreaction after deeper analysis.
Early tech cycles have volatility; some scares reflect market learning, not fundamental shifts.
insights INSIGHT
DeepSeek's Real Tech Impact
DeepSeek's $6 million claim neglects underlying infrastructure costs closer to a billion dollars.
Their innovations are impressive but don't yet match multimodal AI models like OpenAI's for broader use.
insights INSIGHT
US-China AI Competition Effects
The narrowing AI gap between US and Chinese firms raises geopolitical concerns like tariffs and export controls.
Such tensions could mimic a 'space race' boosting capital equipment demand, despite market volatility.
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In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ben Rogoff of Polar Capital Technology Trust (PCT) to discuss the rapidly evolving landscape of artificial intelligence including the emergence of DeepSeek, its impact on Nvidia, and the promise of Agentic AI.
This discussion was recorded on Thursday 08 May 2025.
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The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.
***
Section Timestamps:
0:00:24 - Introduction
0:00:40 - The reaction to DeepSeek
0:10:46 - Volatility in the share price
0:12:49 - Activity since January
0:19:04 - The impact of the US tariff regime
0:26:12 - A short break
0:27:18 - Shareholder reaction to the last few months
0:29:29 - Potential for growth
0:34:59 - The importance of Agentic AI
0:46:11 - Close
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