00:00What is the best way to get exposure to the AI theme right now?
00:03Is it over in the United States with some of the businesses that are rolling out data centers, for example?
00:09Or is it in Asia? We had numbers out of TSMC. Is it the European space? Where do you see
00:14the opportunities?
00:16I think the biggest opportunity are across the world.
00:20We are essentially more exposed to U.S. and China to be exposed to AI.
00:26But the way we are exposed today is very different from the way we were exposed two years ago.
00:33Two years ago, we were fully invested in IT, all the segment within IT, from semiconductor to communication services.
00:42Today, our exposure, I will say, is probably more specific.
00:46So we are not buying the overall indices, not buying the overall sector, but we are more selective.
00:53So the way we are looking to AI today is searching for companies which are invested, but companies which will
01:02see a monetization of the current investment.
01:07We also prefer companies which are still investing using cash rather than companies then issuing bonds and trying to fund
01:17the capets with debt.
01:19And within the global exposure to AI, if semiconductor is still very present in our allocation.
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