While the metaverse offers significant new investment opportunities we expect that there will be over enthusiasm in investor expectations of the pace of adoption (see Figure 3 solid black line) while consumer acceptance of the metaverse will be much more consistent (dotted blue line). We are wary of the short-term hype around the metaverse, but over the longer term we view it as a shift towards the digitisation of everything, driving an increasingly broader set of opportunities for tech investors.





Internet 3.0/Web 3.0, also known as the third-generation internet, is the next evolution of the World Wide Web. It is a data-driven Semantic Web utilising a machine-based understanding of data to develop a more intelligent and connected web user experience.


Internet of Things (IoT) describes the network of physical objects, or things that are embedded with sensors, software, and other technologies to enable the connection and exchange of data with other devices and systems over the internet.


Digital identity is the body of information about an individual, organisation or electronic device that exists online. This information is often used by website owners and advertisers to identify and track users for personalisation and to serve them targeted content and advertising. A digital twin is a virtual representation of an object or system that spans its lifecycle, is updated from real-time data, and uses simulation, machine learning and reasoning to help decision-making.


Hyper scale is the ability of a technology architecture to improve and scale as required as more demand is added to the system, ie, efficiently scale from a few servers to thousands of servers. Hyperscale computing is usually used in environments such as big data and cloud computing.


Net carbon zero refers to a state in which the greenhouse gases going into the atmosphere are balanced by removal out of the atmosphere.


Hype cycle represents the different stages in the development of a technology from conception to widespread adoption, which includes investor sentiment to that technology and related stocks during that cycle.


Technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants and general economic conditions. A concentrated investment in a single industry could be more volatile than the performance of less concentrated investments and the market as a whole.


Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets.