AI spending continues to reshape markets, but after several years of extraordinary growth, are the most obvious opportunities becoming harder to find?

We discuss signs of bubble-like behaviour, with Mikhail Zverev and Graeme Bencke, co-managers of the WS Amati Global Innovation fund, who elaborate on the slowing growth in AI capital expenditure and why the next phase could favour less obvious beneficiaries. The interview explores physical AI, robotics, industrial automation and the specialist companies providing the infrastructure, sensors and software behind them. We also examine why parts of the software market may have been written off too quickly, before moving beyond AI to uncover innovation across drug discovery, laboratory automation, radiopharmaceuticals, defence, drones, cyber and space.

What’s covered in this episode:

Are we in an AI bubble?
Where we are in the AI investment cycle
Why AI CapEx growth could slow
Moving beyond the obvious AI winners
The rise of physical AI
Robots, cobots and warehouse automation
The infrastructure behind industrial AI
Sensors, machine vision and connectivity
Why software may have been oversold
The value of deep domain expertise
AI’s impact on drug discovery
Robotics inside the laboratory
The potential of radiopharmaceuticals
Defence, drones, cyber and space
Finding innovation beyond AI