Van Lanschot Kempen examines whether the economics of AI can justify an infrastructure investment cycle approaching $1.1 trillion by 2027.
- Power is emerging as the key constraint, with data centres potentially consuming 9–17% of U.S. electricity demand by 2030.
- Capital intensity has surged, with combined hyperscaler capex rising from roughly 12% of revenue in 2023 to 38% in 2026.
- The investment case increasingly depends on cash-flow conversion: Oracle faces the greatest pressure, while Microsoft and Alphabet retain stronger balance-sheet capacity.
Read the full analysis for the credit-market implications of AI’s unprecedented capital cycle.
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