All themes
AI infrastructure
94 managers wrote about this in 194 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2026 Q148% of 54
- 2026 Q247% of 296
- 2026 Q355% of 53
- Guinness Sustainable Energy FundAug 2026
In the US, utilities companies have laid out multi-year investment plans in response to data centre demand, with five companies alone expected to spend $255bn by 2029.
Read the letter → - Loomis Sayles Municipal SectorAug 2026
According to S&P Global, there is currently no observable correlation between five-year growth in data center power demand and residential rates, although that could become more challenging as wholesale power market/grid operators move closer to capacity limits.
Read the letter → - AcatisAug 2026
Many of the „hyperscalers“ will seek to escape this predicament by buying into existing business models (e.g. the failed merger of AOL and Time Warner in 2000).
Read the letter → Guinness Asian Equity Income August 2026 Korea’s equity market is led by Samsung Electronics and SK Hynix, two of the three main players in global DRAM market (a specific memory type that is currently necessary in the AI data centre build out), in which Micron Technology is the third.
Read the letter →- Guinness Global Real Assets FundAug 2026
National Grid, the UK utility, agreed through its commercial arm National Grid Ventures (NGV) to invest USD1.75bn for a 35% stake in Joulent LLC, forming a strategic partnership to develop contracted power and electrical infrastructure solutions for large-load electricity demand in the US, driven by data centres and AI.
Read the letter → - Guinness Greater China FundAug 2026
Within Industrials, several holdings provide exposure to the power and infrastructure requirements of data centre expansion.
Read the letter → Sales were up 10% year-on-year (a 3% beat) driven by US data centres and the energy transition, while Europe, the rest of the world and general construction remains weak.
Read the letter →Sales were up 10% year-on-year (a 3% beat), driven by US data centres and the energy transition, while Europe, the rest of the world and general construction remain weak.
Read the letter →- Guinness Global Innovators FundJul 2026
This spending is effectively funding the next phase of the data centre build-out.
Read the letter → - Guinness Sustainable Energy FundJul 2026
Within our portfolio, while the majority of our top performers have benefited from rising data centre spending during the period, we are encouraged by the diversity of business models which they represent, spanning chip makers, electrical equipment manufacturers, and building product names.
Read the letter → - Guinness Global Real Assets FundJul 2026
Digital Realty, the global data centre operator, executed several initiatives this month as it expands its global data centre platform.
Read the letter → With significant history in the data centre space and an orderbook inflecting strongly in 2026, we believe Bravida is poised to see an acceleration in sales growth and margin expansion that is underappreciated by the market.
Read the letter →- Troy Asset Management Global Equity StrategyJul 2026
And whilst Elon Musk’s data centres in space may appear far-fetched, we would not rule the idea out altogether.
Read the letter → Confidential The Insiders Fund One reason for this reversal is our ~30% concentration in Alphabet stock—a massive bet that was correct until it wasn’t. On June 1st, Alphabet announced an $80 billion stock offering to fund its massive data center build-out.
Read the letter →- Guinness China A Share FundJul 2026
We initiated a position in Weichai Power, a leading manufacturer of heavy-duty engines, where we see an opportunity to benefit from growing demand for power solutions linked to data centre expansion.
Read the letter → The company is a leading manufacturer of premium copper-clad laminates, which are used in AI servers, switches and data centre infrastructure.
Read the letter →- ACATISJul 2026
One example is Bloom Energy, which was added to the portfolio in 2021: The solid oxide fuel cells made by this company provide the decentralized energy for data centers.
Read the letter → AI enthusiasm also continued to grow, as US hyperscalers continued to raise guidance for the year’s capital expenditure, supporting the trend for infrastructure and data centre build-outs.
Read the letter →- CDT Capital VNAVJul 2026
The company boasts that it can shrink large language models into smaller, but still capable models that can fit on an iPhone – no large data center required.
Read the letter → - CDT Capital VNAV StrategyJul 2026
The company boasts that it can shrink large language models into smaller, but still capable models that can fit on an iPhone – no large data center required.
Read the letter → The results, along with early diversification into data centre and robotics applications, prompted a broader re-rating across European analogue semiconductors.
Read the letter →We have been encouraged by the response: Amazon continues to grow The Climate Pledge, now with nearly 700 signatories; Google reported 65% hourly-matched carbon-free energy usage in 2025; and Microsoft became the first hyperscaler to commit to ‘community-first’ AI infrastructure, alongside contracting 75 million tonnes of carbon removals.
Read the letter →- REQJul 2026
In Halma’s case, its largest subsidiary has lately come to depend heavily on a single hyperscaler customer for its data-center optical components — a concentration that has grown, not receded, and introduces a structural weakness Diploma simply does not carry.
Read the letter → - Amati Global Innovation FundJul 2026
A small but growing portion of their sales go into data centres and this has, somewhat tenuously, led to their inclusion in AI ETFs (Exchange- Traded Funds) and traded stock baskets, which suffered in the recent sell-off.
Read the letter → Australia has less direct exposure to semiconductors, but data centre and electrical contracting names still came under pressure.
Read the letter →- Loomis SaylesJul 2026
Artificial intelligence (AI) and related data center buildouts are boosting activity beyond the technology sector to industrials and utilities.
Read the letter → - Guinness Multi-Asset FundsJul 2026
Global equity markets were dominated by the AI investment cycle, as US hyperscalers raised 2026 capex guidance to $700 billion.
Read the letter → The technology-heavy Nasdaq Index rose approximately 20%, as spending on semiconductors, memory, data centres and electrical infrastructure continued to exceed expectations.
Read the letter →- Longriver Partners FundJul 2026
AI’S ‘CHINA MOMENT’ Regardless of how much can ultimately be earned from AI, accelerating demand is putting pressure on an already strained data centre supply chain.
Read the letter → - Deep Sail Capital PartnersJun 2026
High quality business model Celestica’s business model combines global manufacturing capabilities, specialized engineering services, supply chain orchestration, and aftermarket lifecycle support, giving the company exposure to both data center design and construction as well as ongoing service and support.
Read the letter → - Distillate CapitalJun 2026
Next-twelve-month (NTM) free cash flow estimates for this group, by contrast, rose by just $300 billion over the same period (two-thirds from NVIDIA), as gains for equipment makers came at the expense of hyperscaler cash flows.
Read the letter → In addition, Alphabet announced it would begin delivering its proprietary Tensor Processing Units (TPU) to external customer data centers, representing a very sizable new addressable market.
Read the letter →- Guinness Sustainable Energy FundJun 2026
The 3.1 GW initial build alone would consume 16–20 TWh annually once fully operational, more than half the IEA's entire EU data centre growth estimate for the five-year period.
Read the letter → - Baron Real Estate Income FundJun 2026
Data Center REITs (9.1%) We remain encouraged by the long-term growth prospects for data centers.
Read the letter → - Aoris International FundJun 2026
Our participation in the AI data centre construction ecosystem has been limited to Amphenol and Halma, which derive 30% and 20% respectively of their revenue from that end market.
Read the letter → - Horizon KineticsJun 2026
Hyperscalers Are Sacrificing Their Free Cash Flow for Data Center Growth Five companies have announced plans to spend a combined $720 billion on such expansion— Amazon ($198 billion); Microsoft ($146 billion), Alphabet ($186 billion); Meta ($132 billion); and Oracle ($56 billion).
Read the letter → - Baron Technology ETFJun 2026
These IT gains were partially offset by weakness in Shopify Inc. (e-commerce solutions software leader), GDS Holdings Limited (leading Chinese and Asian data center operator), and Guidewire Software, Inc. (leading insurance industry software provider).
Read the letter → - Baron Real Estate FundJun 2026
As of June 30, 2026, other real estate-related companies, which include the three investment themes mentioned directly above, plus an investment in Chinese data center operator GDS Holdings Limited , represented 14.1% of the Fund’s net assets.
Read the letter → - Baron Real Estate StrategyJun 2026
As of June 30, 2026, other real estate-related companies, which include the three investment themes mentioned directly above, plus an investment in Chinese data center operator GDS Holdings Limited , represented 14.1% of the Strategy's net assets.
Read the letter → - MD SASS Concentrated ValueJun 2026
These include the transition in data center power architecture from approximately 54 volts to 800 volts, as well as the impact of agentic AI and increasingly capable open-source language models on enterprise computing architectures, networking, and storage requirements.
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Showing the 40 most recent of 194 letters.