The dominant market narrative is simple: if investors want exposure to artificial intelligence, they need to go offshore. Buy the chipmakers. Buy the hyperscalers. Buy the magnificent seven. It is a neat story, but it is narrow and incorrect.
AI is not only a software or semiconductor story. It is also an infrastructure build-out. Every model, every training run and every query ultimately depends on physical assets – data centres, power grids, cooling systems, fibre, switchboards, transformers and raw materials.
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