In January 2025, the technological indices posted contrasting performances. The Nasdaq in euros rose by 1.5%, while the Nasdaq Equal Weight recorded a more significant increase of 4.1%. Conversely, the MSCI World Information Technology fell by 2.2% over the same period.

In this context, the Amplegest Digital Leaders fund rose by 2.1%, underperforming its benchmark index, which rose by 2.7% over the month.

The fund initially benefited from the US government's announcement of the ‘Stargate’ project, a $500 billion investment in artificial intelligence aimed at strengthening the AI infrastructure in the United States.

This initiative had a positive impact on the semiconductor market and more specifically on the Nvidia ecosystem. However, this positive dynamic was quickly thwarted by the revelation of the AI model developed by the Chinese start-up DeepSeek. This high-performance, low-cost model has raised concerns about possible overcapacity in AI infrastructure, leading to a significant correction in the semiconductor sector.

On the other hand, DeepSeek's developments will benefit software publishers specialising in artificial intelligence, as the cost of developing and operating these solutions will be considerably reduced. This development should improve the return on capital invested by companies in the sector and make them more attractive in the medium term.

In this context, we have increased our exposure to software in order to benefit from this structural trend and seize the opportunities associated with the democratisation of generative AI.