Jeremy Yeung
Director & Portfolio Manager of Global Equity (Technology and Communications) at BMO Global Asset Management, CFA charterholder specializing in technology sector investing.
1
APPEARANCES
1
PODCASTS
Jun 30, 2026
Hilly CutlerHOST
But which parts of the AI ecosystem do you believe are really creating the most value today?
Jeremy YeungGUEST
If you remember the first concept of our AI investment framework, you want to invest in the AI infrastructure layer, like the hardware semiconductor layer first, followed by software.
Jeremy YeungGUEST
So right now, in respect to this AI cycle, it's all about AI hardware and infrastructure.
Jeremy YeungGUEST
So let me take a step back and tell you what's going on in respect to the spending environment.
Jeremy YeungGUEST
So in aggregate, the global hyperscalers are spending roughly $900 billion annually.
Jeremy YeungGUEST
Why this is important is because if I think back six months ago, The consensus estimates were for 2026, hyperscale or capex, to grow $600 billion.
Jeremy YeungGUEST
And what I just told you is like after Q1 earnings season, they're going to grow close to $900 billion.
Zayla SaundersHOST
So how do you and your team think about evaluating these companies, especially when their biggest opportunities may be years away?