Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Thematic (Sector/Industry)

<ul><li>Companies, especially hyperscalers, are expected to increase their CapEx spending by 60 to 70% this year, with estimated growth to reach 1.3 to 1.4 trillion in the next year.</li><li>Tech companies are significantly increasing R&amp;D and CapEx spending, with estimates suggesting they could reach spending levels comparable to global military spending in the next few years.</li><li>Tech companies are using operating cash flow and borrowing money to fund this growth, with a significant portion of investment grade issuance tied to AI and AI-related sectors.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Companies, especially hyperscalers, are expected to increase their CapEx spending by 60 to 70% this year, with estimated growth to reach 1.3 to 1.4 trillion in the next year.Tech companies are significantly increasing R&amp;D and CapEx spending, with estimates suggesting they could reach spending levels comparable to global military spending in the next few years.Tech companies are using operating cash flow and borrowing money to fund this growth, with a significant portion of investment grade issuance tied to AI and AI-related sectors.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

In Focus: Equity & Credit Update on AI CapEx

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The doves have started sounding like hawks as the can gets kicked down the road</li>
<li>The Iran conflict is forcing countries to take sides in the new Cold War</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The doves have started sounding like hawks as the can gets kicked down the road
The Iran conflict is forcing countries to take sides in the new Cold War


Overview #58 - Central Bankers Are Revolting*

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>We believe dollar market share is the most direct approach to exam AI models.</li>
<li>Z.AI's two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.</li>
<li>The primary risk lies in the lifting of the lock-up period for restricted shares.</li>
</ul>


We believe dollar market share is the most direct approach to exam AI models.
Z.AI's two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.
The primary risk lies in the lifting of the lock-up period for restricted shares.


Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Budget 2026 grants foreign cloud companies a tax holiday until 2047, while four Indian conglomerates are on track to control 35-40% of national data center capacity by 2030.</li>
<li>The partnership model between global hyperscalers and Indian operators, structurally unlike the USA/Europe build-own approach, concentrates economic value domestically and compresses timelines.</li>
<li>AI demand is so capital-magnetic that the sector will grow regardless, but a chronic grid delivery gap raises the probability of the 10 GW target slipping to 2032.</li>
</ul>


Budget 2026 grants foreign cloud companies a tax holiday until 2047, while four Indian conglomerates are on track to control 35-40% of national data center capacity by 2030.
The partnership model between global hyperscalers and Indian operators, structurally unlike the USA/Europe build-own approach, concentrates economic value domestically and compresses timelines.
AI demand is so capital-magnetic that the sector will grow regardless, but a chronic grid delivery gap raises the probability of the 10 GW target slipping to 2032.


Thematic Report: India's Data Center Oligopoly!

Podcast from BlackRock, The Bid

The Bid

Podcast from BlackRock

The Bid breaks down what’s happening in the world of investing and explores the forces changing the economy and finance. From stock market outlooks and megatrends to geopolitics and technology, BlackRock speaks to thought leaders and industry experts from around the globe about the biggest trends moving markets.

<ul><li>AI models are becoming more power hungry, leading to a surge in electricity demand</li><li>Energy landscape is shifting due to AI industrial revolution, with exponential increase in power demand</li><li>Investment in AI infrastructure is massive, but skeptics question the need and clarity of AI use cases in the real world</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

AI models are becoming more power hungry, leading to a surge in electricity demandEnergy landscape is shifting due to AI industrial revolution, with exponential increase in power demandInvestment in AI infrastructure is massive, but skeptics question the need and clarity of AI use cases in the real worldThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

250: Powering AI 2.0: Why the AI Boom Is Becoming an Energy Story

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

In Focus: Equity & Credit Update on AI CapEx

Companies, especially hyperscalers, are expected to increase their CapEx spending by 60 to 70% this year, with estimated growth to reach 1.3 to...

At Any Rate

Overview #58 - Central Bankers Are Revolting*

A review of recent events/data impacting our investment themes and outlook. We look at the Central Bank meetings and further implications of the...

Rikki Malik

Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

We believe dollar market share is the most direct approach to exam AI models. Z.AI's two models are ranked top 8 in typical AI functions. The risk...

Ming Lu

Thematic Report: India's Data Center Oligopoly!

Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Sudarshan Bhandari

250: Powering AI 2.0: Why the AI Boom Is Becoming an Energy Story

The increasing power demands of AI models are reshaping the energy landscape, with investments of over $1 trillion per year in the US alone, as...

The Bid

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

In Focus: Equity & Credit Update on AI CapEx

Companies, especially hyperscalers, are expected to increase their CapEx spending by 60 to 70% this year, with estimated growth to reach 1.3 to...

At Any Rate

Overview #58 - Central Bankers Are Revolting*

A review of recent events/data impacting our investment themes and outlook. We look at the Central Bank meetings and further implications of the...

Rikki Malik

Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

We believe dollar market share is the most direct approach to exam AI models. Z.AI's two models are ranked top 8 in typical AI functions. The risk...

Ming Lu

Thematic Report: India's Data Center Oligopoly!

​Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Sudarshan Bhandari

250: Powering AI 2.0: Why the AI Boom Is Becoming an Energy Story

The increasing power demands of AI models are reshaping the energy landscape, with investments of over $1 trillion per year in the US alone, as...

The Bid

Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...