Barclays_Global_Portfolio_Manager_s_Digest_Spending_Spree.pdf

ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU
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?FORIMPORTANTEQUITYRESEARCHDISCLOSURES
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?FORIMPORTANTFIXEDINCOMERESEARCHDISCLOSURES
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?GlobalPortfolioManagerCsDigestpendingpreeeprovidecontextandperspectiveonresearchacrossregionsandassetclasses
?thisweekhighlighting
?ourtopdownandbottomupanalysisoftheovereignopportunityanexaminationofthegapbetweenandinflationmeasuresintheandourdeepdiveintothefinancialconditionsinorea
?yVTheSovereignAIOpportunity
?WeexaminedtheSovereignAIopportunityandattemptedtosizetheU
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?andglobalappetitefordirectAIinvestmentonbothatopOdownandbottomOupbasis
?Basedonouranalysis
?weseetheU
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?governmentaccountingfor??
?bninAIspendthisyear
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?largestglobaleconomiesXexOChinaYaccountingforanadditional?
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?bninspendbasedonGDPscaling
?Wealsoseesignificantpotentialforthatnumbertogrowonanannualbasis
?bothfromgreenfielddeploymentsandrefreshcycles
?likelyapproachingthe?
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?bnmarkoverthenextseveralyearsasclustersizesandhardwarecostsmarchhigher
?OutsideofdirectSovereigninvestment
?wealsoseeasignificantcaseforSovereignstodirectAIspendingpassivelythroughtheprivatesector
?Further
?giventhesignificantmonetaryandenergyoverheadrequiredbyleadingOedgeAIclusters
?wewouldexpectonlyabout
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?nationsgloballytohavefiscalbudgetsabletoaccommodateSovereignAI
?VUnderstandingtheGapBetweenCPIandPCE
?WetookalookatthegapbetweentheCPIandPCEcoreinflationmeasures
?whichremainsmuchwiderthanhistoricalnorms
?GapsbetweentheCPIandPCEcoremeasureso
?enreflectthehigherweightappliedtohousingrents
?andth