AI Infrastructure Financing, Supply and Sovereign Capital

Demand continues spreading through switching, custom silicon, networking, memory, advanced packaging, power, cooling and now CPU capacity. Anthropic's reported $11.6 billion Akamai commitment, alongside roughly $5.5 billion of Akamai capex, highlights supplier financing and the risk of spending ahead of revenue. UBS projects global AI capex rising from about $998 billion in 2026 to $1.447 trillion in 2027, while supply constraints and eventual overcapacity remain unresolved.