According to a report, Rahul Ghosh, a global equity portfolio specialist at T. Rowe Price, noted that as hyperscalers increase their capital expenditures, technology companies are shifting toward external bond issuance to raise funds.

He cited market forecast data indicating that nearly 30% of global tech sector bond issuance over this year and next will be used to finance the AI cycle. Although the market is now scrutinizing AI companies' commercialization and monetization capabilities more strictly, Ghosh said that as long as these companies can still achieve positive returns, both the equity and bond markets will have sufficient capacity to provide funding for this.

As AI continues to develop, the beneficiary stocks have expanded from the previous "Magnificent Seven" to sectors including industrial infrastructure, power infrastructure, energy, and resources.

At the same time, AI already has many use cases across different industries, including consumer, financials, healthcare, and industrials.

Beyond AI, Ghosh believes many other industries also present investment opportunities, including financials, aerospace and defense, consumer, and healthcare, each supported by different factors such as deregulation of the U.S. financial industry, rearmament, product cycles, and demographic demand.

On the macroeconomic front, Ghosh cautioned that there is often a very strong correlation between U.S. inflation and the overall commodity index, with commodity prices and inflation typically having a lag of three to six months.

He pointed out that the impact of rising commodity prices over the past few months has not yet been reflected in the latest inflation data.