Buy these seven shares to profit from driverless cars and artificial intelligence – Telegraph.co.uk
Ben Rogoff, manager of two Polar Capital technology funds totalling £2.5bn, explained that, as with any technology, AI started out as a promise with no means of delivery.
“Today, it feels like we have the capability, thanks to computing breakthroughs, cheap data storage and the internet. Right now the applications are straightforward, such as facial recognition and improving search results, but they will expand,” he said.
Nvidia (US listed)
Market value: £75bn
Last year’s pre-tax profit: £1.9bn
Nvidia, tipped by several managers, could fall under a number of the categories here. Its graphics processing units (GPUs) are becoming increasingly important for “vision systems” in autonomous cars, Mr Rogoff said.
He said AI offered another avenue for expansion, as GPUs could be used to “train” AI networks.
“This is what makes AI intelligent – the ability of the network to improve by looking at its past mistakes. Nvidia has become the best way to play this theme among quoted stocks,” he said.
Blue Prism (UK listed)
Market value: £578m
Last year’s pre-tax profit: £5m loss
This firm makes software “robots” that automate tasks to create a so-called “digital workforce”.
Chris Ford, manager of Smith & Williamson’s new Artificial Intelligence fund, described it as “one of the very few pure AI companies anywhere in the world”.