Big investors hunt for tomorrow's AI winners as capex angst fades

Industry
โดย Reuters·US·Read original
Summary · why it matters

Big investors are shifting their focus from whether Big Tech's AI spending will pay off to which companies will deliver longer-term returns. Microsoft and Amazon reassured markets that demand remains robust for AI infrastructure, with cloud growth accelerating and capacity constraints persisting. Asset managers are adding exposure to hyperscalers like Amazon, Microsoft, and Google, while retaining significant semiconductor positions. A Reuters analysis estimates hyperscalers will generate about $340 billion more in annual operating cash flow in 2027 than in 2025, while capex is expected to rise by roughly $534 billion. Wellington Management's Brian Barbetta said hyperscalers are likely to be very large beneficiaries of the AI paradigm shift, and Janus Henderson's Richard Clode said Amazon is one of his fund's biggest overweight positions.

Impact on stocks 5

Artificial Intelligence▲ · 5 stocks
Amazon.com Inc
AMZN
▲ PositiveDemandrelevance

Cloud growth accelerating and capacity constraints persist, indicating strong demand for Amazon's AI infrastructure.

Microsoft Corporation
MSFT
▲ PositiveDemandrelevance

Microsoft reassured markets that demand for AI infrastructure remains robust with accelerating cloud growth.

NVIDIA Corporation
NVDA
▲ PositiveDemandrelevance

Asset managers retaining significant semiconductor positions due to robust AI infrastructure demand.

Alphabet Inc Class C
GOOG
▲ PositiveDemandrelevance

Hyperscalers like Google are expected to be large beneficiaries of AI paradigm shift with robust demand.

Theme Impact 3

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