In this episode of J.P. Morgan's Making Sense, Fawaz Chaudhry, CIO of Horizon Global Partners (the equity thematic team at Fulcrum Asset Management) sits down with Eloise Goulder, head of the Data Assets and Alpha Group. They unpack why value is shifting from software to chips — and why the next three to four years will be key for semis, foundries and tools — as the AI infrastructure buildout accelerates. They also explore the implications of the recent inflationary shocks, from the global pandemic to the European land war to the global trade war, and what this means for bonds and commodities, including gold and silver.

Shownotes:

A Macroeconomic Approach to Investing with Juan Antolin Diaz, Chief Research Officer, Fulcrum – Feb ‘24

This episode was recoded on February 5, 2026.

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Examining the AI value chain with Horizon Global Partners

Making Sense

Examining the AI value chain with Horizon Global Partners