Allianz Global Investors argues that recent weakness in semiconductors and AI equities may be a pause rather than a peak, as the next growth phase shifts from training models to real-world inference demand.
- The firm remains constructive on compute, networking, and hyperscaler platforms as the most scalable AI exposures.
- It sees the market entering the “Age of Inference,” where agentic software sharply increases token usage and compute demand.
- Tight hyperscaler capacity and rising enterprise adoption are cited as evidence that infrastructure demand remains undersupplied.
- New AI agents interacting across software tools could expand workloads far beyond current chatbot usage.
Was the first phase about building models—and the second about using them everywhere? The note suggests infrastructure demand may only be starting.
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