Assessing the AI CapEx Debate

What if AI turns out to be less “bubble vs boom” and more a stress test for who can actually turn $660 billion of capex into revenue?

Ben Arnold, Investment Director, Global Equities at Schroders shares the framework his team is using to judge the AI spend and why 2026 is a reminder that your opportunity set is much bigger than the Mag 7.

In this episode:

00:00:00 Investing Beyond The Mag Seven

00:03:34 AI Spending: Boom Or Bubble?

00:10:01 Why This Isn’t Another Dotcom

00:19:32 Finding Opportunities At Market Highs

00:25:31 Two Global Stocks With Upside

00:36:51 One Exceptional Company Explained

Links Mentioned: 🎧 listen to our interview with Portfolio Manager Frank Thormann from Sept, 2025 

Stocks and ETFs mentioned:

Schroder Global Equity Alpha Fund (ASX: ALPH)

Oracle Corporation (NYSE: ORCL)

Alphabet Inc. (NASDAQ: GOOGL)

Microsoft Corporation (NASDAQ: MSFT)

Amazon.com, Inc. (NASDAQ: AMZN)

NVIDIA Corporation (NASDAQ: NVDA)

Broadcom Inc. (NASDAQ: AVGO)

Arista Networks, Inc. (NYSE: ANET)

Monster Beverage Corporation (NASDAQ: MNST)

Morgan Stanley (NYSE: MS)

Tesco PLC (LSE: TSCO)

GSK plc (LSE: GSK)

AstraZeneca PLC (LSE: AZN)

Commonwealth Bank of Australia (ASX: CBA)

Tapestry, Inc. (NYSE: TPR)

Zoom Communications, Inc. (NASDAQ: ZM)

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This episode is sponsored by Schroders.

You can also find information on investing in the Schroder Global Equity Alpha Fund (ASX: ALPH) here.

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