The Trillion-Dollar Machine

23 July 2026

What happens when AI becomes a trillion-dollar capital cycle?

In this latest edition of Market Musings, we explore the investment cycle emerging around the rapid expansion of AI infrastructure. As technology companies race to build the computing power needed to support AI, the effects are being felt far beyond the technology sector.

From data centres and semiconductors to power infrastructure and corporate funding, we examine the key themes shaping this evolving landscape. Read the full article to discover what these developments could mean for investors and the broader economy.

Read the article Read more about our Euro Credit strategy

Disclaimer

This document of Van Lanschot Kempen Investment Management N.V. (VLK Investment Management) is for information purposes only and provides insufficient information for an investment decision. This document does not contain investment advice, no investment recommendation, no research, or an invitation to buy or sell any financial instruments, and should not be interpreted as such.

The views expressed in this document may be subject to change at any given time, without prior notice. VLK Investment Management has no obligation to update the contents of this document.

As asset manager, VLK Investment Management may have investments, generally for the benefit of third parties, in financial instruments mentioned in this document and it may at any time decide to execute buy or sell transactions in these financial instruments.

This document is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. The value of investments may fluctuate. Past performance is no guarantee of future results.

This document has been produced independently of the companies mentioned and the views contained herein are entirely those of VLK Investment Management.

Investing in euro credit involves risks, including interest rate risk, credit risk (including downgrade and default risk), liquidity risk and general market risk. The value of investments may fluctuate and investors may not get back the amount originally invested.

Past performance is no guarantee of future results. The value of investments may fluctuate and investors may not get back the amount originally invested.

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.