Artificial intelligence (AI) is transforming industries far beyond Silicon Valley from eyewear and e-commerce to the infrastructure powering the digital economy, according to Rathbones Asset Management’s James Thomson.
The fund manager of the Rathbone Global Opportunities Fund says, “AI could represent the most important investment theme of our careers”, and that the fund’s approach remains balanced and disciplined, investing in both the headline-grabbing innovators and the quiet enablers that make AI possible.
Beyond the tech giants
AI’s influence now touches nearly every corner of the economy. EssilorLuxottica, which is held in the portfolio, has partnered with Meta (which is not a holding) to develop Ray-Ban Meta smart glasses, blending fashion and technology with integrated voice-controlled AI and smart camera functionality. The glasses are redefining how consumers experience wearable technology and marking a shift towards the seamless integration of AI into daily life.
Meanwhile, Shopify is harnessing AI to empower small businesses globally. Its e-commerce platform integrates with TikTok and YouTube, allowing merchants to sell directly through AI-enhanced social commerce and short-form video. Thomson noted:
“AI’s reach now extends far beyond the traditional tech sector. We’re seeing it redefine how people shop, communicate, and interact with products. It’s moving from the back office to the front of everyday life.”
AI backbone remains crucial
While consumer applications grab the headlines, the core infrastructure powering AI remains a central focus for the fund. The Rathbone Global Opportunities Fund maintains around 20% exposure to the AI theme, investing in companies that underpin the technology’s rapid expansion.
Among its leading positions are Nvidia, Amphenol, and Alphabet — businesses that provide the hardware, components, and data capabilities essential to the AI buildout.
Nvidia continues to anchor the global AI revolution through its advanced chips that power the world’s machine learning models and data centres. Thomson said:
“Nvidia remains the backbone of the AI ecosystem. Its technology is the engine room for the world’s most powerful computing platforms. We believe it’s an enduring winner in this new era of intelligence.”
Amphenol, a less obvious AI beneficiary, supplies the connectors, sensors, and cabling systems that make high-performance data centres possible. Once regarded as “boring”, its steady, mission-critical role has delivered exceptional growth — proving that not all AI winners are found in Silicon Valley.
A measured approach to the AI revolution
Thomson emphasised the importance of discipline and diversification as excitement around AI accelerates:
“Every era-defining invention comes with hype and overinvestment. Our focus is on identifying the companies building the infrastructure — not just those riding the wave. We want exposure to both the innovators and the enablers, the brands people use and the technologies that make them work.
