More fund managers see AI capex cuts coming, but most still don’t

Investors are increasingly questioning whether the AI spending boom can continue at its current pace, with a growing share expecting hyperscalers to pull back on capital expenditure in the coming months, according to Bank of America’s Global Fund Manager Survey.

The shift comes amid concerns over the scale of investment needed to build AI infrastructure, as technology companies pour billions of dollars into data centers and computing capacity to support the expansion of artificial intelligence.

The share of investors expecting an AI hyperscaler to cut capital spending over the next six months rose to 30% in October from 14% in September. Still, 57% expected no cuts over the period, the survey showed.

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