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2026-11-09 13:01:42 The global tech sector's AI industry chain is once again vexed by concerns over politics, data centers, funding and a potential Anthropic listing, CLSA said in a research report. However, the broker said such fears seem overdone, and analyzed the situation through four themes: politics, gigawatt capacity, trillion-dollar funding requirements and IPOs. Both political parties of the US have concerns over data centers, but most lean toward implementing guardrails rather than a complete halt, providing relative relief, CLSA noted. Data centers under construction in the US amount to about 150 gigawatts, while regions outside the US and China account for another approximately 46 gigawatts, bringing the total to about 200 gigawatts. While the market worries that there may be nowhere to install chips, the broker instead believed chip supply may be insufficient. From now until 2030, new AI-related demand may reach about 110 gigawatts, and some project delays could help balance overly aggressive data center plans and the production capacity of TSMC (TSM.US). On funding, the broker estimated that to achieve double-digit returns on capital, cloud computing revenue may need to rise from about USD450 billion in 2026 to around USD3.5 trillion in 2035, equivalent to shifting only about another 175 bps of global GDP. In comparison, peak spending on computerization and telecom terminals in the past reached about 4.5% and a combined 7.2% of global GDP respectively, suggesting that claims that "money will run out" are excessive. Sentiment has been affected by a potential Anthropic IPO, the broker said, while estimating that Anthropic accounts for about 11% of global tokens (excluding China), vs about 27% for OpenAI. The market appears to be devoting 100% of its attention to concerns over a player with roughly a one-tenth market share. CLSA also listed more than 100 new AI laboratories with combined private valuations exceeding USD650 billion, indicating that the industry's competitive landscape remains unsettled. ~ AASTOCKS Financial News Website: www.aastocks.com | |