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Clare Pleydell-Bouverie, co-lead fund manager at Liontrust Asset Management, is eyeing up firms hovering near — but not currently a part of — the seven biggest tech firms. Pleydell-Bouverie warned keen AI investors to see that "you've got to build out this new compute infrastructure before you can monetize it." This includes silicon chips, semiconductor equipment, the likes of Applied Materials, and firms responsible for laying underground cables and networks, she said. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are The AI revolution is "the biggest platform shift since electricity" and, as such, will bring investment opportunities in smaller tech firms that are climbing ever nearer to the Big Tech behemoths, according to one U.K.-based fund manager. "We're of the firm belief that the winners of this new technology cycle, that really started 18 months, two years ago with the ChatGPT moment [and the] AI revolution, these are not going to be the same winners as the last technology cycle," Clare Pleydell-Bouverie, co-lead fund manager at Liontrust Asset Management, told CNBC's Arjun Kharpal last week. "We're really focused on the opportunities sat below the Magnificent Seven," Pleydell-Bouverie said, referencing a group of Big Tech stocks comprising of Alphabet , Amazon , Apple , Meta , Microsoft , Nvidia and Tesla . Many of those tech firms she says are ripe for investment work on AI applications, which the fund manager describes as an emerging club of high-value firms, and one of a number of different layers growing within the wider AI industry. "This year we've been really focused on the AI infrastructure layer of this new technology stack," she said. Money Report European markets set to open lower as investors digest European Central Bank rate cut Europe can make up the Ukraine funding shortfall if the U.S. withdraws, analysts say Pleydell-Bouverie warned keen AI investors to see that "you've got to build out this new compute infrastructure before you can monetize it." This includes silicon chips, semiconductor equipment, the likes of Applied Materials , and firms responsible for laying underground cables and networks, she said. "So, the Broadcom 's, the Amphenol 's, the Arista 's of this world, these are all really crucial components to scale this AI infrastructure. And on top of that, you've got the model providers. For the most part, we view these players as quite commoditized ... It's a complete arms race to build these large foundation models," she said. Large foundation models refer to machine-learning models that are trained on large amounts of data. Below the AI application making "stack" are engineering firms "who bring AI to companies and customers," said Pleydell-Bouverie, adding: "The value at the moment resides still in that AI infrastructure layer, but we see that moving up the stack into next year." Nvidia 'primary beneficiary' of AI boom Pleydell-Bouverie believes Nvidia will be the key player for the AI revolution in 2025, striking comparisons with Apple 's surge as the dominant player during the smartphone transition. Understanding Nvidia's role in 2025, however, requires investors to view the Magnificent Seven firm in a different light. "The key misunderstanding about Nvidia is that it's a chip provider. Looking at the company through this framework ... looking at this company through the framework of a backward looking hyperscaler capex [capital expenditure] is fundamentally the wrong way to be looking at this company," said Pleydell-Bouverie. Apple co-founder Steve Jobs is credited with integrating a failing operating system with sleek hardware in the mid-1990s, laying down the foundations for it to eventually take advantage of the smartphone boom that would emerge at the turn of the millennium. Pleydell-Bouverie sees Nvidia accelerating similarly to Apple. "Nvidia is actually positioning itself to be the operating system for this new AI-infused software that we're going to really start to see come to market from next year," she added. Nvidia has been the primary beneficiary of the ongoing artificial intelligence boom, with its next-generation AI chip Blackwell now in focus. Shares of the company have nearly tripled so far in 2024 — up more than 180% in the year-to-date — making it one the world's most valuable companies. Also on CNBC Strategist says South Korea's value is 'compelling', maintains overweight Focus on 'AI infrastructure' layer in tech, says fund manager Buy Big Tech firms with exposure to emerging markets, says veteran investor Mark MobiusBy DEVNA BOSE One of the country’s largest health insurers reversed a change in policy Thursday after widespread outcry, saying it would not tie payments in some states to the length of time a patient went under anesthesia. Anthem Blue Cross Blue Shield said in a statement that its decision to backpedal resulted from “significant widespread misinformation” about the policy. “To be clear, it never was and never will be the policy of Anthem Blue Cross Blue Shield to not pay for medically necessary anesthesia services,” the statement said. “The proposed update to the policy was only designed to clarify the appropriateness of anesthesia consistent with well-established clinical guidelines.” Anthem Blue Cross Blue Shield would have used “physician work time values,” which is published by the Centers for Medicare and Medicaid Services, as the metric for anesthesia limits; maternity patients and patients under the age of 22 were exempt. But Dr. Jonathan Gal, economics committee chair of the American Society for Anesthesiologists, said it’s unclear how CMS derives those values. In mid-November, the American Society for Anesthesiologists called on Anthem to “reverse the proposal immediately,” saying in a news release that the policy would have taken effect in February in New York, Connecticut and Missouri. It’s not clear how many states in total would have been affected, as notices also were posted in Virginia and Colorado . People across the country registered their concerns and complaints on social media, and encouraged people in affected states to call their legislators. Some people noted that the policy could prevent patients from getting overcharged. Gal said the policy change would have been unprecedented, ignored the “nuanced, unpredictable human element” of surgery and was a clear “money grab.” “It’s incomprehensible how a health insurance company could so blatantly continue to prioritize their profits over safe patient care,” he said. “If Anthem is, in fact, rescinding the policy, we’re delighted that they came to their senses.” Prior to Anthem’s announcement Thursday, Connecticut comptroller Sean Scanlon said the “concerning” policy wouldn’t affect the state after conversations with the insurance company. And New York Gov. Kathy Hochul said in an emailed statement Thursday that her office had also successfully intervened. The insurance giant’s policy change came one day after the CEO of UnitedHealthcare , another major insurance company, was shot and killed in New York City.
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Police officers stand near a body covered by a tarp outside of Feather River Adventist School after a shooting Wednesday, Dec. 4, 2024, in Oroville, Calif. (Michael Weber/The Chico Enterprise-Record via AP) Police officers stand near a body covered by a tarp outside of Feather River Adventist School after a shooting Wednesday, Dec. 4, 2024, in Oroville, Calif. (Michael Weber/The Chico Enterprise-Record via AP) Emergency personnel state outside the Feather River Adventist School after a shooting Wednesday, Dec. 4, 2024, in Oroville, Calif. (Michael Weber/The Chico Enterprise-Record via AP) Police tape blocks a road outside the Feather River Adventist School after a shooting Wednesday, Dec. 4, 2024, in Oroville, Calif. (Michael Weber/The Chico Enterprise-Record via AP) Police officers stand near a body covered by a tarp outside of Feather River Adventist School after a shooting Wednesday, Dec. 4, 2024, in Oroville, Calif. (Michael Weber/The Chico Enterprise-Record via AP) Butte County Sheriff Kory L. Honea said the 911 calls reported “an individual on campus who had fired shots at students," and said that the shooter did not appear to have a connection to the school.
