AI Quick Pulse: Alphabet Equity Raise and Computex

Alphabet has announced an USD 85bn equity raise to accelerate AI infrastructure development, signaling a sustained, capital-intensive AI buildout. UBS maintains an underweight position on hyperscalers in favor of AI hardware and semiconductor supply chain exposure.

Key Takeaways

• 1.Alphabet's USD 85bn equity raise signals structurally higher and longer-lasting AI infrastructure capital expenditure.
• 2.The move by Alphabet may pressure other hyperscalers to follow, increasing competition and funding risks across the Mag 7.
• 3.Computex highlights a shift to 'Agent Era' AI, expanding compute requirements beyond GPUs to CPUs, networking, storage, and optics.

Table of Contents

• Appendix
• Equity selection system
• Equity selection: An assessment relative to a benchmark
• Global asset class preferences definitions
• Statement of Risk
• Risk Information

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