AI CapEx supercycle & energy infrastructure
Horacio Coutino, multi-asset strategist
Renée Friedman, Global Head of Research
“The single biggest constraint is power.”
Andrew Jassy, CEO of Amazon, referring to AWS supply constraints during Amazon’s Q2 earnings call.
AI represents a transformative platform shift exceeding the impact of the internet, mobile technology, and cloud. This evolution unfolds through successive waves, each amplifying computational demands and, consequently, electricity consumption. For equity investors, understanding the magnitude of capital deployment, technological innovations, and energy dynamics underlying this transformation is essential to identifying sustainable investment opportunities.
The emergence of reasoning models introduces a new dimension of computational complexity. These models are substantially more compute-intensive than generative AI systems. This is because they iterate through multiple cognitive steps before producing responses, generating a significant volume of internal calculations and text in the process. This architectural distinction carries important implications for infrastructure requirements and energy consumption patterns.
Tento článek je poskytován pouze pro informační účely a neměl by být považován za nabídku nebo výzvu k nákupu nebo prodeji jakýchkoli investic nebo souvisejících služeb, jejichž odkazy se v něm můžou vyskytovat. Obchodování s finančními nástroji je spojeno se značným rizikem ztráty a nemusí být vhodné pro všechny investory. Dřívější produktivita není spolehlivým ukazatelem budoucí produktivity.
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