| Just 10 of the most relevant companies among the so-called hyperscalers in the United States are set to invest close to a total of USD 1 trillion in 2026, up from a mere USD 100 billion in 2020 (chart 1). The Capex associated with the AI boom is competing for investors’ attention and is helping to put pressure on U.S. Treasury yields. To give a sense of magnitude, the ratio of Capex (of our sample) to the federal government’s financing needs jumps from 3% to 50% in 6 years (chart 2). Higher interest rates neither stem from a greater perception of risk nor are they causing a flight to safety. The market perceives a movement of healthy competition for resources that finances the expansion of productive capacity and will ultimately produce significant productivity gains in the coming years. |