Tom McKenzie

We're going to have AI agents booking our holidays, checking up on our health care, finding good schools and universities for our students.

All those kind of things are going to come together.

enterprises are going to be embedding AI much more than they already are.

We're only in the first opening stages of that would be the argument.

And then there's the sovereign AI story where different countries, and we're seeing that in the Middle East, but also in Europe as well, and Japan are investing heavily to ensure that they have their own AI infrastructure and AI clouds that will be very early in that story as well.

Those are all the cases that the big AI players would underscore in terms of why this is going to be driving momentum going forward, at least through 2026.

Our own team at Bloomberg Intelligence say the end of 2026 is going to be a question mark as to whether or not investors continue to have patience.

Will they continue to invest in the hyperscalers if they're not seeing real material returns, if that product fit and that custom use isn't there in a really, really significant way?

So I think the patience of investors and to what extent they can continue to lean into the hyperscalers as they spend these huge amounts,

is going to be a key question mark, and our own team think that that's really going to come to the fore at the end of 2026.

They'll need to answer that question.

The hyperscalers have spent about $300 billion on air infrastructure this year, and the projection is that they could be, according to NVIDIA, NVIDIA sees the hyperscalers spending upwards of about $600 billion next year.

You're absolutely right.

So when we talk about the hyperscalers, these are companies with massive balance sheets and huge cash reserves.

These are incredibly profitable businesses that come through with very strong earnings.

These are not non-profitable companies.

major punts and risky parts of the market.

These are not companies that no one's heard of.

They're making real product.

They're selling it to customers.