OpenAI has been at the centre of the AI boom, but new analysis suggests the foundations of that trillion‑dollar ecosystem may be showing early signs of strain. From rising infrastructure costs to slowing user monetisation and ripple effects across the semiconductor supply chain, the latest insights from Aubrey Capital Management raise important questions about what comes next for the industry. If you’re following the future of AI, investment cycles, or the sustainability of c

AI is driving markets, but investors are asking tougher questions about capital expenditure. In his latest piece for Professional Wealth Management , Tom Dalrymple, Gobal Equity Analyst of Aubrey Capital Management , explores the “capex conundrum”  facing hyperscalers like Microsoft, Alphabet, Meta, and Amazon. While cloud revenues and AI innovation continue to soar, the sheer scale of spending — projected to exceed $480bn in FY26  — is sparking debate about sustainability, f