AI Markets Are Mis-Pricing Capacity as Profit, New Constructs Warns
AI Markets Are Mis-Pricing Capacity as Profit, New Constructs Warns
摘要: AI Markets Are Mis-Pricing Capacity as Profit, New Constructs Warns
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New Constructs
Sep 01, 2026, 08:03 ET
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AI Markets Are Mis-Pricing Capacity as Profit, New Constructs Warns
News provided by
New Constructs
Sep 01, 2026, 08:03 ET
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With five major cloud operators expected to spend $1.2 trillion on artificial intelligence infrastructure in 2027, New Constructs says investors should separate purchased compute capacity from profit. Compute capacity can create an advantage, but only when it produces measurable customer value, sustainable cash flow, and returns that justify market expectations.
NASHVILLE, Tenn.
Sept. 1, 2026
/PRNewswire/ -- Morgan Stanley estimated that a small group of the world's largest cloud operators could spend $1.2 trillion on AI infrastructure next year. But David Trainer, CEO of
New Constructs
, a financial technology firm specializing in fundamental investment research and valuation analysis, argues that the market is still asking the wrong question: not who is building the most AI capacity, but who owns the proprietary data and workflows capable of turning that investment into measurable economic profit.
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“Trillions of dollars in AI spending are not profits. They are costs that still must be earned back." - David Trainer, CEO of New Constructs
"AI infrastructure is an input, not a moat," Trainer said. "The investor's job is to determine whether a company has an advantage competitors cannot replicate and whether that advantage is producing returns above the cost of capital."
AI Capacity Buildout Is Not a Moat
Chips, servers, data centers, power, and access to general-purpose models are necessary for AI adoption. They do not automatically create pricing power, customer value, or economic profitability.
Demand for AI is not in question. A 2026 survey of 178 global asset-management executives found that 95% expect AI to be important to meeting their investment management goals. Trainer said widespread adoption does not establish which providers will retain