BBVA Equity Strategy: Nadie sabe lo que va a pasar mañana - Data Centres , AI Capex and the Infrastructure Supercycle -BBVA Market Strategy

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2026/06/08

BBVA Equity Strategy: Nadie sabe lo que va a pasar mañana – Data Centres , AI Capex and the Infrastructure Supercycle

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AI capex is approaching macroeconomic scale, with hyperscaler spending expected to exceed USD1trn by 2027.
The debate is shifting from AI adoption to AI returns, as investors increasingly focus on utilisation, capital intensity and infrastructure constraints.
We examine six risks to the AI narrative and why the next phase may favour infrastructure beneficiaries over semiconductors.

BBVA Equity Strategy: Nadie sabe lo que va a pasar mañana – Data Centres , AI Capex and the Infrastructure Supercycle

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