The dominant market narrative is simple: if investors want exposure to artificial intelligence, they need to go offshore. Buy the chipmakers. Buy the hyperscalers. Buy the magnificent seven. It is a neat story, but it is narrow and incorrect.AI is not only a software or semiconductor story. It is also an infrastructurebuild-out. Every model, every training run and every query ultimately depends on physical assets – data centres, power grids, cooling systems, fibre, switchboards, transformers and raw materials.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Why Australia is the world’s most underappreciated AI trade
Economic value accrues to those companies that allow AI models to operate at scale. This is where Australia is far more relevant than many investors appreciate.
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