Rolando Grandi


In the wake of ChatGPT, which chalked up nearly 200 million users in record time, the emerging era of generative artificial intelligence will profoundly transform the way we work and the way humans interact with machines. Generative AI is a technological achievement that will boost the growth potential of artificial intelligence (AI) and open up investment opportunities over the long term.

AI for business

Intelligent tools and automation solutions designed to improve operational efficiency are gradually taking hold in the world of business. Some generative algorithms controlled by natural language are capable of writing computer code and automatically generating computer programs, making them veritable personal assistants for developers. One such is Copilot, designed by Microsoft,[2] an assistant embedded in the American giant’s professional applications. And countless others are following suit.

Some large companies are going further by developing their own generative and automated processing systems to manage their proprietary data. In the United States, bank JPMorgan has designed an AI model to analyse decades of archived messages from central bankers; in Europe, the Norwegian sovereign wealth fund has created generative AI to make its trading more efficient. Bloomberg, the leader in financial data, is leveraging its immense database with its purpose-built generative AI algorithm, dubbed BloombergGPT, factoring in no fewer than 50 billion parameters![3]

The swift sweep of this technological revolution is benefiting other tech companies, such as ServiceNow, which develops IT infrastructure management automation solutions and has just announced a partnership with Hugging Face, a start-up specialising in generative AI, to launch an open source solution. Another example is Snowflake, a leader in cloud-based data management, which in January announced that it had acquired start-up Myst AI to extend machine learning in Snowflake Data Cloud. Cloud-based systems, cybersecurity and generative algorithms have all received a boost from ChatGPT’s popularity.


Transformative impact

The impact on work and the global economy will be significant. 80% of jobs in the US could be partially impacted by new generative tools, according to a study by OpenAI and the University of Pennsylvania.[4] But while these technological advances will eliminate jobs, like others before them, they will also create new ones and change others. The World Economic Forum says that AI could replace 85 million jobs by 2025, but that it could also spur the creation of 97 million new jobs.

Whether a source of fascination or concern, the rise of generative algorithms is inevitable. While AI will clearly need to be regulated, it will create unique opportunities. Sam Altman, co-founder of Open AI and “father” of ChatGPT, compares the technological advances of the coming century to those stemming from the mastery of fire and the invention of the wheel. Time will tell. What is already abundantly clear is that the power of generative AI opens up the realm of possibilities and will spark unprecedented investment opportunities.


Rolando Grandi, CFA, Fund Manager for Echiquier Artificial Intelligence,[1] La Financière de l’Echiquier – LFDE 


[1] The fund is exposed to the risk of capital loss, equity risk, foreign exchange risk, emerging market risk, and discretionary management risk. For more information on its features, risks and costs, please read the regulatory documents available on our website at
[2]The stocks referred to are given by way of example. Neither their presence in the portfolios nor their performance are guaranteed.
[4] March 2023, reported by Le Figaro
Disclaimer: The opinions expressed in this document are the fund manager’s own. LFDE shall not be held liable for these opinions in any way.