By Gustavo Medeiros, Ben Underhill
The Emerging View

The AI Supercycle and Bottlenecks: A Multi-year Tailwind for EM

As AI compute demand scales, the worry has shifted from overbuilding to scarcity. Can energy and chip supply keep pace, or will bottlenecks throttle the capex cycle? We map the constraints and their implications for emerging markets.

Subscribe to our insights

Subscribe and get notified as soon as we publish our content

The latest insights from our categories

Weekly investor research

The right edges ahead in the Colombian presidential race

A rightward tide is reshaping Latin American politics: De La Espriella tops Colombia's first round, Fujimori leads Peru's runoff polls, and Caputo predicts a comfortable Milei re-election in Argentina.
Weekly investor research

Deal or no deal?

The US strikes Iranian military assets after Trump signals a deal is close. Aramco preps its largest privatisation to date, South Korea seeds a sovereign wealth fund with semiconductor tax revenue, and UAE investment in the US tops USD 1trn.
Weekly investor research

Global yields squeeze higher

Brent crude topped USD 110 after Iran's strike on a UAE nuclear plant. S&P upgraded Nigeria to 'B' (first since 2012) but cut Mexico's 'BBB+' outlook to negative. Russia launched its heaviest aerial strikes of the year on Ukraine.

Latest Insights

Market commentary
Market Commentary

EM IG sovereign bonds (for the risk averse)

The 2020 Triple Shock of coronavirus, crashing commodity prices and spread widening reminded many investors that segments of Emerging Markets (EM) fixed income can be extremely volatile during bouts of risk aversion.
Emerging view
The Emerging View

US elections and EM

Noise levels are likely to remain elevated in the run-up to – and possibly in the immediate aftermath of the upcoming US presidential election
Market commentary
Market Commentary

Is DM bond issuance ‘crowding out’ EM?

As the twin burdens of coronavirus and late business cycle dynamics increasingly weigh on growth prospects in developed markets (DMs), governments have been quick to spend more.
Weekly investor research
Weekly investor research

Twists and turns in US-China tensions

In the latest in US-China tensions, a US court blocked the proposed closure of WeChat, while Bytedance kept a majority shareholding position and control over its algorithm in TikTok.
Weekly investor research
Weekly investor research

EM assets outperformed despite strong correction in US tech

Equity markets declined on the back of a sharp correction in US technology stocks, but EM assets outperformed. Brazil renewed emergency support for poor families and presented an administrative reform to Congress.