Who captures the value in Singapore’s S$37 billion frontier tech bet?

THE world is projected to spend US$2.5 trillion on artificial intelligence in 2026 – essentially the size of Canada’s gross domestic product, the 11th largest economy in the world.

The five largest US hyperscalers plan to deploy about US$700 billion in capital expenditure, consuming nearly 100 per cent of their operating cash flows, compared with a 10-year average of 40 per cent.

For the first time, these companies collectively hold more debt than cash on their balance sheets.