AI Infrastructure Expansion Phase: Agent-based AI Drives Continuous Growth in AI Infrastructure Demand

Agent-based AI (Agentic AI) has seen large-scale implementation in programming application scenarios, with demand continuing to explode. Various system designs allow AI to plan, coordinate, remember, and execute tasks, and the duration of AI's sustained autonomous effective operation is continuously lengthening. Enterprise applications are accelerating penetration, and the surge in token consumption indicates that AI is deeply integrating into business processes.

The acceleration of applications also keeps the AI investment cycle in the 'infrastructure expansion phase,' rather than peaking and declining. Visible Alpha’s consensus forecast for Amazon$Amazon (AMZN.US)$+ Microsoft$Microsoft (MSFT.US)$ + Alphabet $Alphabet-C (GOOG.US)$ The consensus forecast for Alphabet's capital expenditure (capex) has risen to approximately USD 541 billion in CY26 and around USD 679 billion in CY27, with the CY27 forecast significantly revised upward during the year, reflecting that data center construction has not slowed down. The statements from companies in the last earnings season also align with this: Alphabet raised its 2026 capex guidance to USD 180-190 billion and frankly stated short-term 'computing power constraints,' indicating that demand still exceeds supply. Microsoft mentioned a 2026 capex target of USD 190 billion while disclosing that Microsoft 365 Copilot paid seats have exceeded 20 million, showing that AI is transitioning from pilot projects to large-scale implementation. Amazon also designated 2026 as a high-investment year (mentioning a USD 200 billion capex plan), mainly for AI infrastructure.

Continuous investment in AI infrastructure brings investment opportunities to the technology supply chain, with capacity tightening observed in multiple niche industries, from computing chips, memory, substrates, wafer foundries to equipment. For investors looking to capture this 'full-stack rotation' cycle with a single listed instrument,Global X AI & Innovative Technology Active ETF (3006 HK) $GLOBAL X AI & INNOVATIVE TECHNOLOGY ACTIVE ETF (03006.HK)$ is positioned to respond to the above trends: actively managing investments in AI and innovative technology companies listed on global exchanges, flexibly capturing the latest investment opportunities in the AI industry.

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