At the heart of our offer... CPR Invest - Artificial Intelligence

For nearly 10 years, with the launch of a strategy focused on disruption, CPRAM has been developing its expertise in the technology sector. Launched in October 2024, CPR Invest - Artificial Intelligence aims to capture the potential of the emergence and adoption of these new technologies. Guillaume Uettwiller, manager of the CPR Invest - Artificial Intelligence fund at CPRAM, shares his approach to the theme and his vision for the future.

The fund invests in three main pillars. Infrastructure, essential for supporting technological advances, enables faster development, deployment, and adoption. This includes chip manufacturers and data centers. Enablers are technology companies that develop algorithms, software, and specialized hardware. These players invest heavily in Research and Development to provide new models or improve existing technologies. Finally, users represent our third dimension. These are companies that use AI in their production, such as in marketing or industry.

Thanks to this approach, the fund offers broad exposure to the theme of artificial intelligence, both geographically and sectorally, by selecting all key players in the value chain, from infrastructure to end users.

Each stock in the portfolio undergoes thorough analysis. Before any investment, we assess several key criteria. First, the sector: we look at market size, growth rate, and competitive landscape. Next, we examine the technology: does it have a lasting competitive advantage and strong differentiation? We also question the company’s purpose: does it meet a real need and has it already convinced clients? What are its strengths for success in its sector? We analyze commercial dynamism and the ability to expand its business model.

Finally, the human factor is crucial: does the management team have the vision and expertise needed to implement its strategy? By combining all these factors, we hope to identify future leaders in AI.

At the start of 2026, the debate around artificial intelligence is focusing on “AI agents.” In this new context, companies are prioritizing productivity improvements and cost reductions by automating complex and repetitive tasks. This evolution is made possible by advances in processing capacity, security, and system reliability. The main challenge is no longer just to increase the intelligence of models, but to combine different models and tools to create integrated systems capable of managing robust and reliable workflows.

However, a general slowdown in infrastructure deployment is a recognized threat, even as investments in AI exceed $1 trillion. Data center construction projects are delayed, not due to lack of funding, but because of saturated power grids and construction delays.

Despite this, the acceleration of AI adoption seems to continue, as companies seek productivity gains. Free models are expected to gradually disappear in favor of increased monetization. Leading AI companies are experiencing rapid growth, some reaching $100 million in annual recurring revenue in less than three years, or even less than a year in some cases. In 2026, several could cross the $1 billion revenue threshold.

Difficulties in implementation and slow adoption are likely to persist, even if demand remains strong. However, many positive signals—advances in research, creation of new labs, improved hardware efficiency—reinforce optimism about AI’s potential and its impact on the economy.