KEY POINTS
- Massive increase in capex : from 400 USD to 660 billion USD (2026), then 1000+ billion USD (2027) The four largest US hyperscalers are already exceeding initial forecasts. Nvidia even anticipates 3 trillion USD to 4 trillion USD by 2030.
- Agentic AI as a major turning point. The shift from chatbots to AI capable of executing tasks and producing concrete work creates a real potential for return generation. Companies are increasing their investments because they “perceive real potential”.
- Favourable environment for active management. We will see significant disruptions with many winners and losers, creating an environment particularly favourable to active management.