Opening the Aperture on Global Investing

AI investing is moving from the companies that build models to the businesses that power and deliver them. That shift is creating demand across semiconductors, memory, electricity, data centers and broader digital infrastructure, with benefits increasingly showing up in markets like Taiwan, South Korea and Japan.

The opportunity looks wider than a single trade on AI leaders. At the same time, investors should watch for valuation risk, heavy capital spending and policy or geopolitical uncertainty in key regions such as China.

International markets may also gain support from more attractive valuations and different central bank cycles. Overall, the AI theme appears to be maturing rather than fading, but returns may depend more on picking the right parts of the ecosystem than owning the most visible names.