European investors are looking beyond Big Tech to capture the AI boom, turning to power suppliers, banks and other "enablers" that underpin the infrastructure behind it. According to Bloomberg, Europe lacks AI chipmakers like NVIDIA and major tech names, leaving direct "AI trades" thin on liquidity and prone to stretched valuations. The alternative gaining attention is indirect exposure through utilities and financial institutions that support data center construction and operation. A telling phrase being repeated: hyperscalers' capex is someone else's sales.
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