In a context of marked correction of tech values, Laurent Daudet deciphers the mechanisms of a withdrawal which questions the future of American technological leadership and AI.
Jdn. Faced with the marked correction of American technological values, what do you think are the main causes of this withdrawal?
Laurent Daudet. It is not only a drop linked to artificial intelligence, as evidenced by Tesla’s significant fall. I rather see a correction of the values that had experienced a spectacular increase in recent times. We come back to a level that remains high, despite a particularly severe correction in recent days. This decrease is explained in my opinion by an adjustment to values which had perhaps climbed a little irrational in certain cases.
Can we talk about the bursting of a certain bubble?
Regarding generative artificial intelligence, I do not think it is a bubble in the strict sense. The term “bubble” would suggest pure speculation, but I think there is something real. Even if some valuations may seem excessive, I see this as the beginning of a deep technological revolution which will have a significant impact. I compare it a little to the bursting of the Internet bubble. At the time, there was an overvaluation, but also a transformative underlying movement. Today, it is similar: some companies may be overvalued, but the fundamental movement of generative AI is indeed real. It is absolutely not a bubble built on wind.
To what extent do you consider that trade tensions, geopolitical uncertainty and the evolution of pricing policies contributed to this fall?
There was indeed a return to reality concerning the initial utopian vision of artificial intelligence. We thought IA completely international and without borders, but it is clear that this is not the case. Geopolitics recalls its rights: goods and services can be taxed or blocked overnight in a country. Elements that were believed to be acquired are no longer. Technology giants are now facing growing uncertainty about their outlets. This awareness shows that AI, despite its global potential, remains subject to the concrete realities of international relations and economic policies.
Can a postponement report on European values be anticipated?
It is necessary to distinguish two dynamics: the recent cyclical decline and a more structural substantive movement. Indeed, there is a new awareness of the importance of sovereign technologies. This phenomenon is intended to last, with the desire to develop alternatives. However, let’s stay realistic. In areas like Cloud Computing, American giants like AWS, Google or Azure will continue to dominate. Similarly, in the semiconductor sector, it will be difficult for European founders to compete with NVIDIA or AMD.
“We observe a new awareness of the importance of sovereign technologies”
But artificial intelligence represents a different opportunity. It is not a question of recreating a new Google, but of developing accessible and strategic sovereign technological bricks. This situation could also open up interesting perspectives for researchers and engineers. France already has a promising ecosystem, even if the remuneration levels are less attractive than in California. Opportunities could emerge for talents who would like to move away from the American model.
It is important not to dramatize. Admittedly, we have erased recent gains in a few days, but we remain at historically high levels. I remain optimistic: the United States will keep its technological leadership. What we are going through is only a slight vacuum passage which does not fundamentally question the attractiveness of technological values. Ultimately, companies may be more hesitant to systematically entrust their projects sensitive to American giants. This trend could gradually increase, especially on segments involving strategic data.
