“But the more durable risk sits with AI capex. The scale of financing now being committed to AI infrastructure build-out, well into the hundreds of billions, is reviving a genuine debate about circular financing structures and weak free cash flow conversion across parts of the AI ecosystem. That is the risk with the longer tail, because unlike a geopolitical shock, it does not resolve on a single headline.”

Billy Leung · said date not stated · reported 2026-08-22

Billy Leung highlighted long-term risks surrounding AI capital spending and cash flow conversion.