Quick updates - AI cycle peak ?

These two articles (BBC + CNBC) are worth a read:

https://www.bbc.com/news/articles/c14dpgm0rg4o

https://www.cnbc.com/2026/09/11/chinese-ai-labs-moonshot-deepseek-alibaba-anthropic.html

Why they are important ? The AI trade has been the center of attention for investors for quite some time. As a result, many stocks/sectors have been "neglected". One day, when investors finally decide to trim their exposure in AI, interests in other stocks will improve.

The first article is actually "stunning" - The CEO of Anthropic called for a slow down in developing the latest AI models in order to improve safety. Importantly, his view is also supported by OpenAI and Elon Musk.

Personally, I struggle to believe Anthropic, OpenAI, and Mr Musk care about humanity that much. In technology, if you have a chance to dominate your rivals, you should NEVER slow down. A more sensible take is they are looking to slow down capX/spending to improve profitability and prepare for their IPOs. The capital market is starting to ask harder questions on AI borrowers. IREN recently raised funding for its GPUs at 9%. Oracle is a one notch above junk. Importantly, OpenAI is postponing its IPO until next year.

In the second article, we have learnt that the likes of Deepseek, Alibaba, and Kimi were caught red handed where they routed millions queries to Anthropic. "Distillations" allowed these Chinese open weight models to improve. Perhaps, the various Chinese AI models are in reality more "behind" than they let on.

Remember the stock market is forward looking. If growth investors suddenly wake up and realize AI capX will slow, technology/semiconductor stocks will come under pressure. It would be interesting to see how will these AI stocks (in USA, Taiwan, Korea, China) trade next week, especially after various semiconductor companies having confirmed their optimistic outlook following Q2 earnings.

Intuitively, it makes sense for investors to look for more non-AI ideas. Peak momentum in AI capX growth may be behind us. Many non-AI stocks/countries are attractively valued.

A quick comment on BTDR.... I will probably hold the position. One suspects AI capX should still grow in 2027 (maybe at a slower pace). Not to mention, the Chinese AI model companies will probably need to invest more now that they have been caught red handed. I would think BTDR would be able to lease its upcoming 20MW in Malaysia. BTDR also stands to benefit if/when BTC recovers.

Note. Not investment advice. Personal opinion only. Do your own research.