Wednesday, 11 June, 2025

GQG’s Rajiv Jain Trims AI Bets Over Data-Centre Slowdown, Favors Utilities

Rajiv Jain, manager of GQG’s $23 billion Emerging Markets Equity Fund, is reducing exposure to AI-linked stocks amid signs that data-centre demand is overstated. Speaking at Morgan Stanley’s Australia Summit, he noted hyper-scalers are “double counting” capacity needs and that AI hype is in its “late innings.” Jain is reallocating into utility firms, expecting sustained growth from power generation, distribution, and transmission investments as energy networks expand.