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 7m 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.

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U.S. Equities

Nvidia Eyes Long-Term GPU Lock-In With $45B Anthropic Credit Play

Nvidia is reportedly offering billions in credit to finance a cloud provider's acquisition of Anthropic, securing years of high-margin chip demand from the AI startup's operations.

By The Markets Desk2 min read7m ago