Week Ahead: AI Capex Shapes Risk Sentiment
The AI theme continues to dominate equity positioning, but the tone has changed. Markets have moved away from optimism around intelligence gains and toward a harder focus on economics. The current phase of the AI cycle centres on infrastructure, power consumption and chip ownership rather than software headlines, with major US technology firms collectively spending more than $400 billion this year on AI-related chips, data centres, and energy capacity, despite AI-driven profits remaining far lower. …
8 mins
Dec 15, 2025
2 days ago