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Art of BoringAuthor: Mawer Investment Management Ltd.
Listen as Mawer Investment Management Ltd. takes a deeper dive into the investment philosophy and strategies that have helped put the odds in their clients' favour for over 50 years. Language: en Genres: Business, Investing, Management Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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AI Build-Out: What We Know, What We Don't, and What's in the Stock | EP 236
Episode 213
Friday, 13 November, 2026
Mawer equity analyst Irena Petkovic separates what the team knows about the AI build-out from what it doesn't, after several volatile weeks for AI stocks and hyperscaler earnings. She covers the latest hyperscaler results, where growth is now limited by how fast new data centers can be built, and what Anthropic's S-1 filing says about how much room enterprise AI adoption has left. On the unknowns, she lays out the U.S. midterm results, the financing of the data center build-out, and how AI agents, software that uses the internet on a person's behalf without clicking on ads, could change which online businesses capture value. She then explains how the team asks what's in the stock, meaning the assumptions a share price already contains, and what that meant for Alphabet. Key Takeaways: Hyperscaler AI results accelerated again, and supply is the constraint. AWS posted a sixth straight quarter of revenue acceleration, Google Cloud doubled year over year, and all four hyperscalers said growth is limited by how fast data centers come online. Anthropic's S-1 points to a long adoption runway. Customers spending over $100,000 a year on tokens grew from 200 in 2024 to almost 12,000, and for more than half the Fortune 500 that spend is under 0.1% of expenses. The build-out now depends on external financing. Meta followed its quarterly results with its largest equity raise ever, and with Anthropic and OpenAI looking to go public, open markets have become part of the thesis. The midterms added a new unknown. Several Democrats campaigned on slowing data center development in Georgia, Ohio, and Texas, the states behind most of the gigawatts due to come online in 2027-2028. Agents use the internet differently. They don't browse, click on ads, or respond to brand marketing, which raises open questions for Google search, payment networks, and travel companies in the portfolio. Variant perception hasn't changed, but the path to it has. With multi-manager hedge funds reacting to short-term catalysts, the team runs more names and trades in smaller increments to stay agile. Companies Mentioned: Amazon, Meta, Microsoft, Google, Anthropic, OpenAI This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit us at: https://www.youtube.com/@MawerInvestment https://www.mawer.com https://www.linkedin.com/company/mawer-investment-management/ https://www.instagram.com/mawerinvestmentmanagement/ #ArtOfBoring #MawerInvestmentManagement #MawerInvestment #Podcast #Finance #Investing #AIStocks #HyperscalerEarnings
