Summary

• The impact of the US capex boom provides another proof point that a “Great Global Rebalancing” is underway, supporting international equity market outperformance and significant opportunities for many non-US companies at the forefront of AI growth themes.
• Chip manufacturers in emerging Asia, Japan-based companies in optical networking and European industrial companies are riding powerful US-driven demand curves.
• Much of the equipment for the US AI buildout is being built internationally, and companies in Asia are reaping some of the most significant rewards.

By Nick Niziolek, CFA

Where US AI spending actually lands

We believe:

• The impact of the US capex boom provides another proof point that a “Great Global Rebalancing” is underway, supporting international equity market outperformance and significant

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