Business
Rephrase the title:Will foreign investors turn their eyes to UAE, GCC markets in 2024?

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Last year, the focus was on AI enablers, such as Nvidia, who produced chips that facilitate AI. “They tend to be quite costly, experiencing a 200 per cent gain last year or a 33 per cent gain this year. I’m not suggesting that it’s a bubble, but typically, fundamentals don’t progress that rapidly,” he explained. The subsequent stage should entail ‘adopters’, referring to companies for whom AI adds value to their business.

“This progression makes sense, reminiscent of the internet bubble. I’m not stating that it’s an AI bubble, but back in 2000, the focus was on the web. It makes me smile, recalling names like Yahoo, which was at the forefront of people directly engaged with the internet. Eventually, the benefits extended to those actively using it,” he stated.

Gravier said that now is the era for adopters of AI. “The value is present, especially for entities like banks incorporating AI to enhance efficiency. The key point is that one doesn’t necessarily need exposure to companies like Nvidia to reap the benefits. Local investors, for instance, can gain from the efficiency improvements brought about by AI adoption in their respective sectors,” he explained.