AI Capex and ECB Policy Outlook

This report covers the potential for higher AI-related capital expenditure and the return of ECB rate hikes. It also provides stock-specific upgrades for Porsche and renewables-linked firms.

Key Takeaways

• 1.Consensus hyperscaler capex estimates for 2027 are viewed as too conservative by GSR analysts.
• 2.The ECB is expected to resume rate hikes, posing a hawkish risk to markets depending on future communication.
• 3.Porsche AG upgraded to Buy based on strong EPS CAGR outlook and potential for admin cost reduction.

Table of Contents

• AI hyperscaler 2027 capex scenarios

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