The largest ‘super seven’ internet platforms have hiked their capital spending to huge levels in the past 10 years to stay competitive, says Mike Seidenberg, lead fund manager of Allianz Technology Trust (ATT ).

This is the third excerpt from our virtual event with Allianz Technology this month. You can watch the first and second excerpts or the whole one-hour Big Broadcast.

Can’t watch now? Read the transcript  

Mike Seidenberg:

Part and parcel with this has been a huge acceleration of spend and you can see it here on this particular slide. You’ve just seen companies have to massively increase their spend around capital expenditure (capex) in order to try to solve this emerging secular opportunity. Looking at the areas of spend, this jumps out at me with respect to the amount of money that’s being spent. The way we represent that in the trust would be investments in things like semiconductor equipment and semiconductors because that is what’s powering the spend towards artificial intelligence.