The $1 trillion AI ‘arms race’ is fueling a hidden supercycle and it’s not just chips
The $1 trillion-plus annual AI capex “arms race” is quietly powering a broad capex supercycle that reaches far beyond chips, into energy, infrastructure, networking hardware and new “safe haven” asset classes, according to DBS Bank.
Global markets are being reshaped by two investment turbines: massive AI capex and a parallel energy capex build-out. DBS Bank notes that combined capex at Alphabet, Amazon, Meta and Microsoft has surged about 200% since the launch of ChatGPT, with 2026 guidance lifting to around $725 billion, nearly double 2025 levels.
