Every eighteen months or so, the market rediscovers the same fear: that the enormous capital being poured into frontier AI labs is a bubble waiting for a Chinese lab to pop it. In January 2025, it was DeepSeek R1. This week, it was Moonshot AI’s Kimi K3, a 2.8-trillion-parameter mixture-of-experts model with a 1-million-token context window that, on Moonshot’s own published benchmarks, beats Claude Opus 4.8 on a majority of evaluations, while still trailing Claude Fable 5 and GPT-5.6 Sol. The market’s reaction was immediate and familiar, with a broad sell-off in AI-related equities and a wave of commentary invoking “DeepSeek 2.0”.

It is worth remembering what actually happened after DeepSeek 1.0. The apocalyptic reading in January 2025 was that a cheap, open, locally runnable model had rendered the entire Western AI capital stack, the GPUs, the data centres, the power contracts and the labs themselves, unnecessary. Seventeen or eighteen months later, capital expenditure on AI infrastructure is significantly higher, not lower. The frontier labs are generating more revenue, not less: by our estimate, the industry as a whole is now doing something on the order of USD 175 billion in annualised revenue, and OpenAI and Anthropic alone have gone from a combined USD 8 billion to something like USD 110 billion over that stretch. DeepSeek did not doom anyone’s expectations. It was a genuine achievement that, in retrospect, changed the efficiency frontier of training without changing who sits at the top of it.

Le conflit avec l’Iran a ajouté une nouvelle source d’incertitude à des marchés d’actions mondiaux déjà fragilisés. Malgré le regain de tensions géopolitiques, l’intelligence artificielle (« IA ») continue toutefois de capter l’attention des investisseurs et demeure le principal moteur des anticipations concernant les résultats des entreprises et de la croissance économique. En parallèle, les valorisations de marché apparaissent de plus en plus tendues dans de nombreuses régions et de nombreux secteurs. Les investisseurs évoluent ainsi dans un environnement plus complexe, où de solides perspectives de croissance coexistent avec des valorisations élevées et une montée des risques géopolitiques.

After several years of underperformance relative to large caps, US small and mid-cap equities are trading at historically attractive valuations. This valuation gap, which has reached levels last seen in the early 2000s, presents a compelling entry point for long-term investors.