The AI data centre build-out has grown from a niche idea into a macro trade big enough to affect long-dated US Treasury yields, The Information's head of research has said.
The comments came as the tech news site launched the AI Inflection Index, a tool for its paying Pro subscribers.
The index maps more than 80 AI themes by analysing about 9,500 of its articles and briefings published over five years.
It tracks how prominent each theme becomes as markets gradually price in new developments.
One rising theme is custom inference chips, which AI labs design themselves to run their models rather than relying solely on Nvidia.
Leading labs' move to build their own silicon marks a significant shift, with knock-on effects for the semiconductor trade.
Venture capital investment in challenger chip start-ups has also risen sharply.
Agentic commerce, where AI agents shop on a customer's behalf, is another theme gaining momentum, helped by recent activity from Amazon and Meta.
The index also weighs how shopping agents could cut out platforms and disrupt retail media networks, the advertising businesses run by retailers.
Life sciences makes up only a small share of AI coverage, but it is attracting outsized attention.
Demis Hassabis, chief executive of Google DeepMind, is focusing on Isomorphic Labs, Alphabet's drug discovery business, while Anthropic has made acquisitions in the sector.
Showing that AI can help cure diseases may be necessary to keep public trust and justify the scale of data centre spending, the head of research said.
