Making Sense (incl. What’s the Deal? series)

Examining the AI Value Chain with Horizon Global Partners

In this episode, JP Morgan’s Eloise Goulder talks with Fawaz Chaudhry, CIO of Horizon Global Partners, about the firm’s thematic equity strategy and how it navigates today’s unprecedented macro shocks—pandemic, European land war, and trade war—and the rise of AI. Chaudhry explains their investment process of isolating pure themes through rigorous hedging, emphasizing the current breadth of opportunities, especially in AI‑driven hardware like chips, while also shorting sectors hurt by productivity gains such as staffing services. He highlights the inflationary impact of recent shocks, the shift of tech leadership from US software to Asian hardware, and the growing role of gold as central banks diversify reserves. The conversation underscores the importance of both long and short thematic bets in a rapidly changing, inflation‑sensitive market.