Rajiv Jain of GQG Partners discusses the economics of AI companies, contrasting them with traditional cash-generating businesses like Google. He highlights the high capex and lower profitability in AI compared to historical tech giants. Jain also shares his contrarian investment approach, favoring sectors like energy, utilities, steel, and tobacco, while avoiding hyperscalers and semiconductors. The conversation touches on his career path, definition of quality, and portfolio construction.
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Contrarian Quality at GQG Partners – Rajiv Jain
Jun 8, 2026
Rajiv Jain of GQG Partners discusses the economics of AI companies, contrasting them with traditional cash-generating businesses like Google. He highlights the high capex and lower profitability in AI compared to historical tech giants. Jain also shares his contrarian investment approach, favoring sectors like energy, utilities, steel, and tobacco, while avoiding hyperscalers and semiconductors. The conversation touches on his career path, definition of quality, and portfolio construction.
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