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Experts
1 de diciembre de 2025

Syconvictions - December 2025

As the year draws to a close, it is time to work on our strategies and clarify our investment convictions. Our view remains constructive on risk assets, which are still supported by the AI supercycle, monetary easing, and the gradual recovery of economic growth in the United States and in Europe.

In light of the positive environment we foresee, the question is not whether to invest in AI, but how. The amounts of capital expenditure are colossal: almost 500 billion dollars for the five largest hyperscalers. This added value, which had been concentrated for a long time, will now spread across the entire chain. Every single gigawatt of energy needed to develop capacitive computing requires 60 billion dollars of capital expenditure. 35 billion dollars for the chips, and 25 billion for power, buildings and infrastructure.



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Syconvictions - December 2025

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