Written by Guido Giammattei, this briefing weighs the transformative potential of AI against growing signs of overheating.
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AI infrastructure spending has surpassed the dot-com era, powered by strong balance sheets and accelerating demand, yet accompanied by rising leverage, complex financing structures, and increasing competition.
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Monetisation remains uncertain: revenues are nascent relative to massive CapEx, depreciation may be underestimated, and profitability timelines are long.
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Energy and infrastructure constraints are emerging as material bottlenecks, with U.S. power shortages projected if current data-centre expansion continues.
Explore the full analysis to assess where genuine long-term value may lie within this rapidly evolving theme.
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