The global race for artificial intelligence is entering a new phase. It is no longer just technological performance that is drawing attention, but the unprecedented scale of investment required to sustain this growth.
Speaking on La Matinale on RTS Info, Daniel Steck, Head of Equity Research at Piguet Galland, shared his analysis of a key development: technology giants are now exceeding the traditional financing capacity of banks and private investors.
Companies competing in the AI race, such as OpenAI, Anthropic and SpaceX, are facing capital needs on an entirely new scale.
OpenAI, for example, plans to invest an amount equivalent to almost one hundred times its 2025 revenue, without currently having the financial resources to support such a pace on its own.
According to Daniel Steck’s analysis on La Matinale on RTS, this imbalance explains a major strategic shift:
“With investment targets reaching a staggering one trillion dollars over the next ten years, it becomes clear why OpenAI is turning to public markets to finance its growth.”
In other words, access to public markets is no longer an opportunistic choice, but a structural response to the explosion in AI-related financing needs: data centres, computing power, energy infrastructure and global networks.
Link to Daniel Steck’s intervention (french only)