Tom Fitzgerald

💻 Global Equity PM |🌳 Responsible & Sustainable Equity | 🔬Investment Advisor to @GreatOrmondSt

[Tom Fitzgerald @TSFitzgerald_]

A fascinating article from @zijing_wu about China’s ultra-competitive education system, consisting of a massive network of “genius classes.” The result: China graduates ~5 million majors in science, technology, engineering, and maths every year, versus ~500k in the US.

[Zijing Wu @zijing_wu]

How has China systematically built a vast pipeline of AI talent? My debut feature in FT Magazine explores the pivotal education program behind this achievement, weaving in some personal reflections.

China’s Genius Plan
https://t.co/MUZTIDaw6g

[Tom Fitzgerald @TSFitzgerald_]

The IEA predicts that data centres’ electricity use globally could double by 2030 to 945 TWh - equivalent to > Japan’s current annual power consumption. https://t.co/RMT3oCozvo

[Tom Fitzgerald @TSFitzgerald_]

In 2023 149 foundation models (large #AI model trained on massive datasets, capable of performing a multitude of downstream tasks) were released, > the previous 5 years combined. #Google/#Deepmind & #Microsoft/#OpenAI dominate the market, launching ~70% of models since 2019

[Stanford HAI @StanfordHAI]

As AI continues to show new capabilities, how are policymakers responding? The #AIIndex2024 shows 2,175 mentions of AI in global legislative proceedings in 2023, nearly twice from last year. @nmaslej https://t.co/WgEHMuVgtQ

[Tom Fitzgerald @TSFitzgerald_]

Sequoia: "We are standing at the precipice of the single greatest value creation opportunity mankind has ever known..." @sequoia views AI as the 4th #Tech revolution, made possible by the tech revolutions (Internet, Mobile & Cloud) that preceded it

[Sequoia Capital @sequoia]

Last week we hosted our 2nd @Sequoia AI Ascent. We’re sharing some of the day’s most memorable talks.

Hear thoughts from @mistralAI’s @arthurmensch, @Anthropic’s @DanielaAmodei, @AI_Fund’s @AndrewYNg, founding member of @OpenAI @karpathy, and more to come.

[Tom Fitzgerald @TSFitzgerald_]

According to @BloombergNEF China could account for ~60% of new #ElectricVehicle sales in 2024 & the country's public #EV chargers will dispense 52 TWh in 2024, as much #electricity as Greece consumes in a year

[BloombergNEF @BloombergNEF]

Our Electrified Transport Market Outlook 4Q 2023 is out and here's what you need to know:
🚗18% of passenger vehicle sales were EVs in 3Q 2023
🌎16.7M forecasted for global passenger EV sales in 2024
📈2024 EV sales in China expected to be +18% vs. 2023
https://t.co/ZB8698JruR

[EdenTreeIM @EdenTreeIM]

Weighing the potential for Generative AI. Read EdenTree Fund Manager @TSFitzgerald_ latest opinion piece https://t.co/Rpt2Suy66F #generativeai #ai

[Tom Fitzgerald @TSFitzgerald_]

Since 2017 China has sold >18m #EVs, ~50% the world’s total & >4x the # sold in the US. By 2026, >50% of all new passenger #vehicle sales in China are expected to be electric, compared to ~25% in the US https://t.co/nYAWrznVVq

[Tom Fitzgerald @TSFitzgerald_]

@McKinsey The study also estimates that #GAI could add $4.4trn in annual value (via product and service creation as well as productivity and efficiency gains) to the global economy.

[Tom Fitzgerald @TSFitzgerald_]

Last week I attended the @Nasdaq Investor Conference in London, where I was fortunate enough to catch up with mgmt teams from a number of tech companies (both existing & potential holdings). Key takes below…

[Tom Fitzgerald @TSFitzgerald_]

Generative AI remained a dominant topic across the 2 days, with several companies referencing the recent @McKinsey study, which estimates that the global #GAI market could reach $1.8trn in annual spend by 2030

[Tom Fitzgerald @TSFitzgerald_]

The US now experiences an extreme weather event in which damages & costs top $1bn every 3 weeks (vs 1 every 4 months in the 1980s) via @WSJ #climatechange https://t.co/8iMgKydzcr

[Tom Fitzgerald @TSFitzgerald_]

Tech platforms are investing more in #AI:

$META CEO: "AI will be our biggest investment area in 2024…”

$AMZN CFO: "...increased infrastructure CapEx, support growth of our #AWS business, inc additional investments related to generative AI and large language model efforts"

[FT Technology News @fttechnews]

Tech giants pour billions into cloud capacity in AI push https://t.co/aXfhzO4e5h

[Tom Fitzgerald @TSFitzgerald_]

According to the latest "State of the #Climate" Report, 20 of the planet's 35 vital signs are now showing record extremes. "The truth is that we are shocked by the ferocity of the extreme weather events in 2023. We are afraid of the uncharted territory that we have now entered.”

[Dr. William J. Ripple @WilliamJRipple]

See our new 2023 Climate Report at link below where we lead off with "Life on planet Earth is under siege". Notice extreme records in graphic for temps and ice.
https://t.co/4ZQuQZVw7n
@EliotJacobson @NickCowern @LeonSimons8

[Tom Fitzgerald @TSFitzgerald_]

Cloud Hyperscaler Update (Q3'23): The three hyperscale #cloud vendors are now at a collective annualised revenue run-rate of ~$192bn (+19% YoY, in-line with the prior quarter) and according to #Amazon CEO Andy Jassy "90% of global I.T. spend still resides on-prem..."

[Tom Fitzgerald @TSFitzgerald_]

The @IEA ests achieving all national #climate goals requires adding/replacing 80m KM of power lines by 2040 (= to the entire existing global grid). Meeting this requires a 2x increase in global grid spend to ~$600bn p.a. Grid outages already cost the global economy ~$100bn p.a.

[International Energy Agency @IEA]

To achieve energy & climate goals, the world needs to add or replace 80 million kilometres of power lines by 2040.

That’s the size of the entire global grid built over the past 100 years and enough to wrap around the Earth roughly 2,000 times.

More 👉 https://t.co/1vZg6yS5Gv

[Tom Fitzgerald @TSFitzgerald_]

Pharma drug development costs are estimated at $2.3bn per drug (leaving returns on R&D at 1.2%). @MorganStanley estimate #AI could cut pre-clinical development costs by as much as 2/5 & create a $50bn market over the next decade #healthcare #tech https://t.co/VyP3qngDUI

[Tom Fitzgerald @TSFitzgerald_]

Globally, September 2023 was the warmest September since records began in 1850 & surpassed the previous record by 0.5°C. "There's >99% chance 2023 will become a new record warm year & 90% chance 2023 will average >1.5 °C above our 1850-1900 baseline" via @BerkeleyEarth

[Berkeley Earth @BerkeleyEarth]

September 2023 Temperature Update 🔥

Warmest September & largest anomaly ever measured, shattering previous September record.

Warming since August concentrated in polar regions.

Near certain 2023 becomes the warmest year.

Likely 2023 exceeds 1.5 °C.

https://t.co/cywa93qJeJ

[Tom Fitzgerald @TSFitzgerald_]

The damage caused by extreme weather events has cost the global economy $2.8 trillion over the past 20 years. That's $16m per hour in damages related to human-caused global heating... #climatecrisis #storms #floods #heatwaves
https://t.co/kehFG6Zc1S

[Tom Fitzgerald @TSFitzgerald_]

Globally, ~4bn people are exposed to extremely high #water stress at least 1 month per annum. By 2050 that # may be ~60% as global water demand is projected to increase by 20%-25%. #climatechange https://t.co/Fvb06GCECi via @WorldResources

[Tom Fitzgerald @TSFitzgerald_]

Superb piece by @elerianm on #China's growth challenges - Authorities torn between 2 distinct approaches to stimulating the #economy (top-down vs bottom-up) compounded by structural factors inc. aging population, youth unemployment & excessive leverage https://t.co/lMHKojE4x4