AI Enters Its Conviction Phase

This discussion reframes the AI cycle as it moves from infrastructure spending toward broad-based adoption and monetisation across the economy. 

• The AI investment wave is shifting from capex-heavy build-out to usage-driven growth, expanding opportunities beyond mega-cap tech into energy, capital goods and services.

• Elevated valuations reflect accelerating revenues rather than speculative excess, with early evidence of real-world returns across healthcare, legal and financial sectors.

• Longer capex cycles, financing structures and potential bottlenecks call for vigilance, favouring firms with durable demand, strong balance sheets and pricing power.

To dig deeper into how AI conviction is reshaping growth investing and portfolio construction, the full podcast offers a richer cross-sector perspective.