安联Allianz：2026年AI资本开支周期：在战争冲击下仍具韧性报告（英文版）

• AI hype deflates amid the capex-monetization debate. Despite strong recent earnings, investor focus has shifted from profitability boost to revenue growth trajectory and cash-flow visibility, particularly given hyperscalers’ elevated capex plans (≈USD575bn, +50% expected in 2026) and weakening sentiment toward software amid risks of AI-driven revenue dilution. Our AI Bubble Risk Monitor continues to signal moderate bubble pressures: exuberant positioning has cooled, but widening credit spre