11 February 2026

Season 8, Post 6: At the AI coalface

It’s been a brutal few weeks for tech investors. Hyperscalers remain unrepentant in their spending plans. Whether their cumulative forecast capital expenditure commitments for 2026 – which are estimated equivalent to Israel’s GDP – will generate adequate returns remains subject to intense debate. To gain some perspectives your author visited the AI and Big Data Expo Global in London.

The event, which your author has attended previously, saw 8,000 delegates convene to meet more than 150 exhibitors and listen to over 200 speakers. Executives from tech businesses including Microsoft and SAP, major financials such as JPMorgan and Visa, as well as a swathe of retailers had the opportunity to weigh in with their perspectives on AI. The view from the coalface was notably pragmatic.

“AI is nothing without data” was one of the key messages shared by Visa’s Head of Data Science in Europe in the keynote speech on day two of the conference. For AI to scale successfully, it is integral for businesses to build trust with all their stakeholders. Visa’s advice: establish strong foundations and make new technology explainable. These factors will be critical, particularly as agentic commerce – where Visa has a clear vested interest – scales.

It is hard to disagree with this view. However, “AI is nothing without data centres” represents a more accurate picture of current reality. This was abundantly evident from multiple conversations your author had at the event. There was near unanimity in the view that securing land with guaranteed power supplies was the major bottleneck for AI. Hyperscalers can commit all the dollars they want, but “we are in times of compromise,” as one industry expert described things. Debates over AI’s value will continue to run.

Please note that the Future Trends Blog will be taking a break while your author tries not to think about AI and enjoys the Swiss Alps. It will return in the last week of February.

12 February 2026

The above does not constitute investment advice and is the sole opinion of the author at the time of publication. Past performance is no guide to future performance and the value of investments and income from them can fall as well as rise.

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Alex Gunz, Fund Manager

Photos by the author

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