Australian Pension Fund Shifts Away From Direct Data Center Bets, Sees Better Returns in AI-Powered Companies

UniSuper, Australia's A$180 billion ($127 billion) pension fund, is steering clear of direct investments in data centers, arguing that the real winners from the artificial intelligence boom will be companies deploying the technology rather than those building the infrastructure behind it. Chief investment officer John Pearce made the comments in October 2026 as shares in data-center operator NextDC Ltd.—in which UniSuper holds positions—collapsed 42% after the company slashed its earnings guidance by one-third due to electricity network delays and community opposition.