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The Polar Capital Global Technology Team offer analysis and opinion on Artificial Intelligence (AI), the huge potential it offers and how it is becoming a powerful force for productivity and innovation.

Developing large-scale AI systems has increasingly centred on the ability to match the capabilities of OpenAI’s GPT-4. The common themes among those trying to bridge this performance gap revolve around both computational efficiency and quality output – two fundamentals to advances in AI technology.

A significant milestone in 2024 was the breakthrough performance of OpenAI’s o1 model which fundamentally reimagines how models adapt to novel tasks during inference. Central to this evolution is ‘chain-of-thought’ (CoT) prompting where large language models (LLMs) simulate human-like reasoning by breaking down complex tasks into a sequence of logical steps, a technique pioneered by Google Research in 2022 and subsequently refined in early 2023 to enhance LLMs’ deductive capabilities. As a result, LLMs can not only tackle more demanding and nuanced problems but also significantly enhance the transparency and interpretability of their output.

This has led to numerous efforts to replicate it, with DeepSeek gaining most attention for its cost efficiency while maintaining high performance. It achieves performance comparable to OpenAI’s o1 model, despite being trained on previous-generation infrastructure.

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The following is the net performance (in GBP) for the Polar Capital Technology Fund over the past 10 years (v’s the technology investment benchmark) and the Polar Capital Artificial Intelligence Fund since its inception   

A. IA Technology & Technology Innovation

B. Polar Capital Global Technology I Acc (GBP) ** 20.8%pa over the past 10 years

A. Polar Capital Artificial Intelligence I Acc (GBP) ** 12.8%pa since inception 6/10/2017 

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