What is the “AI trade”?

The market thesis that spending on artificial intelligence — chips, data centers, power, and software — will be large and durable enough to justify premium valuations for the companies supplying it. The chipmakers and cloud providers have been its center, with the debate focused on whether the revenue from AI products will eventually cover the capital being spent.

Why do data centers matter to the AI story?

Training and running large models requires enormous computing capacity, which means physical buildings, specialized chips, cooling, and, increasingly, electricity. Data-center construction has become one of the largest capital-spending programs in corporate history, pulling utilities, real estate, and energy into the AI trade.

Who are the main players?

Model developers such as OpenAI, Anthropic, Google, and Meta; chip designers led by Nvidia; foundries and equipment makers that manufacture the chips; the cloud providers that rent the capacity; and the power and infrastructure companies building what all of it runs on.

Topic · Gokhshtein Media

Artificial Intelligence

The AI trade, the labs, the chips — the technology reshaping every market

30 stories · Updated 3h ago

AI is the biggest capital story of the decade — trillions in market cap, a data-center buildout rivaling the railroads, and an arms race between a handful of labs that touches every portfolio. This hub collects the Technology and Equities desks’ AI coverage: the model labs, the chipmakers, the buildout, the bubble debate, and what the machines mean for markets, jobs, and money.

Coverage led by The Technology Desk

The basics · reviewed September 25, 2026

What is the “AI trade”?: The market thesis that spending on artificial intelligence — chips, data centers, power, and software — will be large and durable enough to justify premium valuations for the companies supplying it. The chipmakers and cloud providers have been its center, with the debate focused on whether the revenue from AI products will eventually cover the capital being spent.
Why do data centers matter to the AI story?: Training and running large models requires enormous computing capacity, which means physical buildings, specialized chips, cooling, and, increasingly, electricity. Data-center construction has become one of the largest capital-spending programs in corporate history, pulling utilities, real estate, and energy into the AI trade.
Who are the main players?: Model developers such as OpenAI, Anthropic, Google, and Meta; chip designers led by Nvidia; foundries and equipment makers that manufacture the chips; the cloud providers that rent the capacity; and the power and infrastructure companies building what all of it runs on.

Terms to know

Agentic AI AI agent AI alignment AI benchmark AI bubble AI capex AI data center AI in trading AI licensing deal AI safety AI search AI startup valuation Algorithmic trading Answer engine Full glossary →

U.S. Equities

Nvidia's $40B SpaceX GPU Deal Shows Upside Wall Street Is Missing

SpaceX is financing a $40 billion Nvidia GPU purchase through Apollo Global Management and commercial banks, validating sustained demand for AI chips and suggesting consensus estimates underestimate data center revenue growth.

By The Markets Desk2 min read3h ago