All themes
AI infrastructure
328 managers wrote about this in 884 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q437% of 30
- 2025 Q130% of 40
- 2025 Q234% of 88
- 2025 Q347% of 88
- 2025 Q445% of 129
- 2026 Q142% of 137
- 2026 Q247% of 709
- 2026 Q335% of 878
- 2026 Q430% of 118
- Nakano Japan Growth FundNov 2026
Domestically, the company has also commenced construction of an underground data center utilizing an idle tunnel in Kobe.
Read the letter → Illustrative steady-state return on capital employed for one gigawatt of data centre capacity, calculated as after-tax operating profit divided by the total build cost (chips and infrastructure.) These figures are scenarios, not forecasts, and actual returns may differ materially.
Read the letter →- Platinium AM Platinum TrustOct 2026
The 2 Global investment in data centre capex alone could be worth US$31.6 trillion through 2050.
Read the letter → Risk premiums moved higher for high yield data centre bonds in October.
Read the letter →- Malborough US Focus FundOct 2026
In addition, the AI investment boom affected credit markets, as hyperscalers and other companies issued substantial amounts of debt to finance data centres and related infrastructure, increasing competition for the global pool of savings.
Read the letter → - AcatisOct 2026
Infineon We took advantage of the price weakness to purchase a structural beneficiary of electrification and AI data centers.
Read the letter → - Liontrust UK Opportunities FundOct 2026
That may well come in time, but for now hyperscaler share prices are reacting negatively to ever-increasing capex.
Read the letter → - Loomis SaylesOct 2026
We see upside risk to the already eye-popping AI hyperscalers’ capex estimates.
Read the letter → Shares of US-based nVent Electric, a supplier of power equipment and thermal management equipment used in data centers, declined amid investors’ heightened anxiety about AI-related stocks.
Read the letter →- BlueBox Global Technology FundOct 2026
However, it did only marginally worse than the stocks that were trimmed to fund the purchase, and we believe that in an environment of decelerating AI capex, Coherent should be helped by the growth of optical networking in the data centre as it replaces copper wiring.
Read the letter → - Jacob Funds ManagementOct 2026
At the same time, rising public scrutiny around data center expansion and broader anxieties regarding AI's emergence have tempered some of the unbridled sentiment seen earlier in the year.
Read the letter → - IKIGAI Asset Manager Emerging Equity Fund and Small Cap FundOct 2026
Rising investments in oil & gas pipelines, LNG infrastructure and, increasingly, power requirements from AI data centres were creating a structural demand opportunity.
Read the letter → As hyperscalers (Microsoft, Google, Amazon etc) continue to require funding for large capital investment in data centres, their debt issuance is increasing meaningfully, and given higher bond yields the market has begun to reprice future funding costs.
Read the letter →- Beck Mack & OliverOct 2026
AI “labs,” such as OpenAI and Anthropic, require enormous fleets of semiconductor chips running in data centers in order to train and operate their models.
Read the letter → - TIN SmåbolagOct 2026
This is largely driven by the expansion of data centers for AI, and the order book there extends into 2028.
Read the letter → SKS Technologies Group’s (SKS) share price declined during October following weaker investor sentiment towards data centre-related companies, and a substantial sell-down by the company’s senior executives.
Read the letter →- Malborough Global BondOct 2026
The reasons given by markets have ranged across a collection of the usual suspects: inflation, fiscal policy, monetary policy, ‘AI-hyperscaler’ issuance, the energy market to name but a few.
Read the letter → - Troy Multi-Asset StrategyOct 2026
FIGURE 1: US HYPERSCALER BOND ISSUANCE ($BN) $50bn $0 $100bn $150bn $200bn 2022 2023 2024 2025 2026 AlphabetAmazon Meta Microsoft Oracle SpaceX $50bn $0 $100bn $150bn $200bn 2 The question today is whether these two narratives can continue to co-exist, or whether rising bond yields will call time on a boom that is progressively more exposed to the price of money?
Read the letter → - Somma Investimentos FundsOct 2026
Concerns regarding the volume of capital destined for the construction of data centers, together with growing Chinese competition, weighed on returns in the region.
Read the letter → Second, data centres represent an additional growth opportunity, with Prysmian supplying both the cables that deliver power and the fibre that connects servers.
Read the letter →- Osprey Private WealthOct 2026
If there were some sort of regulatory-related ‘pacing’ or slowing of the development of AI, this would likely be received positively by investors in the hy- perscalers (companies such as Amazon, Alphabet, Meta, Microsoft, Oracle, and SpaceX), because these companies have been aggressively spending capital on the buildout of AI-related infrastructure such as data centers.
Read the letter → - AVI Global Special SituationsOct 2026
Rohm (-124bps), HD Hyundai (-71bps), Hyosung Corp (-65bps), and Samsung C&T (-36bps) were all afflicted by the sharp sell-off in companies with real and perceived exposure to AI/data centres.
Read the letter → - CDT Capital VNAVOct 2026
These subsectors include semiconductor design, power generation and hyperscaler data centers.
Read the letter → Within a day, data centre developers, power producers and defence contractors were repriced as the political assumptions behind their growth shifted.
Read the letter →- Lowell Resources FundOct 2026
(ASX: LRT) 10 MONTHLY UPDATE • Cory Kos, vice-president of investor relations at uranium producer Cameco, said companies such as Amazon and Microsoft were looking to buy physical uranium for the next-generation nuclear reactors that would power data centres.
Read the letter → Companies involved in the buildout of AI infrastructure such as data centre owners and the producers and suppliers of semiconductor chips, have thrived in its slipstream.
Read the letter →Demand from large-scale data centre, energy and infrastructure projects also remains robust.
Read the letter →The NASDAQ was down 5% and the KOSPI – which has become a proxy for the AI/data centre thematic was down peak to trough 20% during the month before a modest recovery.
Read the letter →- Malborough Multi-Cap GrowthOct 2026
The British engineering business is exposed to three prominent structural growth trends: civil aerospace, defence and power generation (which is benefiting from the data centre build-out).
Read the letter → - Salter Brothers Emerging Companies LimitedOct 2026
Key downgrades through the month were led by data center exposed names and resources.
Read the letter → - Pender Market InsightsOct 2026
The capital that is being deployed into data centres has the potential to be the largest investment in history, and as a percentage of GDP is rivalling that of the railway expansion in the 1800s. This capital spending has created a wrinkle in many economic statistics and has the potential to have masked some underlying weakness, which adds to market risk as investors start questioning the sustainability of the theme.
Read the letter → - PM Capital Global Companies FundOct 2026
An aggressive sell-off among the mega-cap technology hyperscalers saw investors rotating out of AI-linked technology into healthcare and staples.
Read the letter → Inflation and the prospect of further Reserve Bank of Australia (RBA) rate rises remained in focus, while concerns around the funding and capital intensity of artificial intelligence (AI) investment weighed on global semiconductor and data centre stocks.
Read the letter →- AVI Global TrustOct 2026
Rohm (-130bps), Hyosung Corp (-86bps), HD Hyundai (-76bps) and Samsung C&T (-44bps) were all afflicted by the sharp sell-off in companies with real and perceived exposure to AI/data centres.
Read the letter → We expect Powell to exceed market expectations as continued investment in electrical grids, data centres and broader electrification supports demand for its products.
Read the letter →- Pershing Square Holdings, Ltd.Sep 2026
In summary, he explained that the capex buildout has two components: the data center shells (not including land), and the servers and network equipment that fill them.
Read the letter → - Baron Global Opportunity FundSep 2026
We also took advantage of stock price volatility to add to several existing positions including: the Latin-American neobank, Nu, the fast-inference AI infrastructure provider, Cerebras, the Chinese data center infrastructure provider GDS, the neocloud, Nebius, the AI-based heart-disease diagnostics solutions provider, Heartflow and the leading semiconductor manufacturer, TSMC.
Read the letter → - Baron Real Estate StrategySep 2026
As of September 30, 2026, these three themes, plus investments in pure-play building performance platform Legence Corp. and Chinese data center operator GDS Holdings Limited, represented 20.2% of the Strategy's net assets.
Read the letter → - Baron Real Estate FundSep 2026
As of September 30, 2026, these three themes, plus investments in pure-play building performance platform Legence Corp. and Chinese data center operator GDS Holdings Limited, represented 20.2% of the Fund's net assets.
Read the letter → - Oakmark Bond FundSep 2026
Harris |Oakmark | 111 South Wacker Drive, Suite 4600 | Chicago, IL 60606 | 312.646.3600 Source: Wells Fargo Securities, Hyperscaler Spreads: Priced as One Trade, Not Seven Credits, August 2026.
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Showing the 40 most recent of 884 letters.