An Interview witch Stéphane Fisch, Co-founder and Principal - Argo
Stéphane Fisch is a co-founder and Principal at Argo, a leading investment fund based in New York, Paris and Luxembourg that focuses on new technologies and artificial intelligence. Stéphane has graciously agreed to answer our interview questions. Read more about Stéphane here, and don't miss his participation in 'Scaling AI Along the Value Chain' on June 27th at 1:45 PM on the Main Stage.
What has, so far in 2024, been the biggest surprise to you in technology?
The rapid pace and immense scale at which AI compute has been deployed in 2024 has been the most astonishing technological surprise to me. Currently, the compute power coming online is increasing tenfold every six months, which explains Nvidia's exceptional market value as the leading provider of top-tier neural network chips. This chip rush surpasses any gold rush in history!
The demand for AI compute is so tremendous that even electricity supply struggles to keep up with the power-hungry data centers. The financial investment in this sector is also staggering, with an estimated $1 trillion worth of installed compute requiring upgrades for AI, and likely another $1 trillion needed for new infrastructure. This unprecedented capital expenditure is fueling a colossal market opportunity.
What do you expect will be announced in 2024, and by whom?
I anticipate that in 2024, we will witness a major announcement from either a prominent bank or financial institution regarding the construction of an extensive AI training cluster. Alternatively, a sovereign nation may reveal plans to establish a colossal cluster of GPUs dedicated to AI development.
Such an announcement would signify a significant shift in the AI landscape, as it would demonstrate the growing interest and investment from influential players outside of the traditional technology sector. This move would underscore the increasing recognition of AI's transformative potential across various industries and highlight the escalating global competition to harness its power for economic and strategic advantages.
Which five companies should we watch in 2024, and why?
In 2024, I recommend keeping a close eye on these five companies due to their significant potential to shape the AI landscape:
Nvidia – As the pivotal player in AI, Nvidia is the Archimedes point of the industry. Any move they make sends ripples throughout the entire economy, making them a crucial company to watch.
Fluidstack – Rapidly emerging as a key player in the AI cloud space, Fluidstack is experiencing one of the highest growth rates in history. With enormous potential, they are on track to become one of the largest European tech firms.
Poolside – Code generation holds one of the most credible paths to revolutionizing the world through AI by making software creation accessible to everyone. Poolside's progress in this domain makes them a company to keep on your radar.
Mistral – Despite limited resources, Mistral has demonstrated an incredible pace of innovation in open source technology. Their journey is one to follow closely, as their next steps are bound to be intriguing.
x.ai – With Elon Musk at the helm, x.ai's foray into AI is highly anticipated. Given their access to amazing data and substantial compute resources, it will be fascinating to see what they deliver in the coming year.
What do you know about Luxembourg?
As a company firmly established in Luxembourg, we can vouch for the numerous benefits this country offers businesses. Our experience here has been exceptional, thanks to the business-friendly environment and strong support from the government and local community.
Luxembourg's strategic location in the heart of Europe, as a founding EU member between France and Germany, provides unparalleled access to the vast EU market while maintaining global connections. This unique position has allowed us to seamlessly operate across borders and seize diverse opportunities.
What truly sets Luxembourg apart is the quality of our relationships with public leaders. We have had the privilege of engaging in direct, transparent discussions with decision-makers who prioritize the population's interests. This alignment of values has fostered trust and collaboration, enabling us to thrive in this supportive ecosystem.
Our success in Luxembourg stems from the country's commitment to creating an environment where businesses flourish. The combination of geographic advantages, EU membership, and genuine concern for residents' well-being makes Luxembourg an unparalleled location for companies seeking a strong foothold in Europe with a global outlook.
As Prince Guillaume once told me, "Luxembourg is small, but it does not think that way."
