John Ian Lau is a contributing editor at Solomon Grey Capital, covering artificial intelligence, robotics, and deep-tech investment themes.
AI
OpenAI's tilt toward a 2027 IPO didn't just delay a deal — it inverted every position pre-built around a defining 2026 catalyst. SoftBank fell 13%, the underwriting banks shed 4%, and the AI capex re-rating just lost its anchor. The trade hasn't died. It's been re-routed.
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Nvidia just raised $25 billion with $85 billion of orders. Morgan Stanley sees $570 billion of AI-related debt by year-end. The trade is not in the equities the bonds finance — it is in the spreads the bonds are setting.
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John Ian Lau — Technology & AI infrastructure desk For three years, the dominant narrative in AI infrastructure has been chip scarcity. On Thursday, Henry Kravis’s firm quietly announced that the bottleneck has moved — and that the next phase of the buildout will not be financed by hyperscaler balance sheets
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Broadcom's Q2 print triggered a 13% intraday sell-off. The $30 billion AI bookings figure buried in Hock Tan's remarks tells a different story.
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✍️ John Ian Lau — AI & robotics technology analyst EXECUTIVE SUMMARY The generative AI investment boom has moved from a speculative theme to a large-scale capital allocation cycle, with enterprise spending reaching $37 billion in 2025, up 3.2x from $11.5 billion in 2024. Startup funding also accelerated sharply:
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✍️ John Ian Lau — AI & robotics technology analyst EXECUTIVE SUMMARY The AI infrastructure supercycle is best understood as a multi-year capital formation phase rather than a short-lived technology trade. Private and public spending is now flowing into chips, data centers, power generation, grid upgrades, cooling, and network capacity,
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✍️ John Ian Lau — AI & robotics technology analyst EXECUTIVE SUMMARY The AI infrastructure supercycle is no longer a speculative theme; it is a multi-year capital formation wave centered on data centers, power, networking, and semiconductors. The largest U.S. hyperscalers are guiding toward roughly $635–690 billion of combined
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Nvidia delivered $82B in revenue, +85% YoY, beat the guide, raised the next one, and authorized $80B in buybacks. The stock fell 1.4%. The bar has moved.
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Cisco's Q3 lifted FY26 hyperscaler AI orders to $9B. The number that resets the trade is the $900M enterprise pipeline growing triple-digits.
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John Ian Lau — Technology & AI infrastructure desk EXECUTIVE SUMMARY AI data centers are driving unprecedented power demand, projected to consume 6.7-12.0% of U.S. electricity by 2028, up from 4.4% in 2023, necessitating $7 trillion in global capital investment through 2030. Grid constraints have emerged
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John Ian Lau — Technology & AI infrastructure desk EXECUTIVE SUMMARY Hyperscaler artificial intelligence capital expenditure has fundamentally shifted from self-funded expansion to sustained reliance on debt markets, marking a structural transformation in corporate financing architecture. With aggregate capex for the "big five" exceeding $600 billion in 2026—
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John Ian Lau — Technology & AI infrastructure desk EXECUTIVE SUMMARY Generative AI remains the preeminent investment theme of 2026, commanding significant capital allocation and reshaping enterprise technology spend. The global market is valued at $55.51 billion in 2026 and is projected to expand at a compound annual growth rate