The planned public listings of SpaceX, OpenAI, and Anthropic are redefining how investors approach Asian technology stocks. There is a broad market consensus that the new wave of capital expenditure triggered by these companies' fundraising will act as a powerful catalyst for Asia's hardware supply chain. This is expected to shift AI-themed investments from leading chip stocks to a wider array of segments, including electronic components, cooling equipment, and power infrastructure.

According to calculations by IG International market analyst Fabien Yip, the combined IPOs of these three firms could potentially drive an additional $70 billion in AI spending. Coupled with the over $750 billion in capital expenditure already committed by major hyperscale cloud service providers, this could alleviate some market concerns regarding the sustainability of AI infrastructure financing.

**Chip Stock Valuations Under Pressure, Capital Seeks New Opportunities**

The data center construction boom has already positioned Asian hardware firms as core beneficiaries of the current AI rally. However, following rapid price increases, valuation pressures are accumulating for some mainstream stocks.

Ken Wong, an Asian equity portfolio specialist at Eastspring Investments in Hong Kong, noted that these AI IPOs could further fuel the capital expenditure surge, even as valuations for Asian semiconductor stocks appear stretched. He revealed that his team is currently underweight semiconductors in its Asian technology strategy, instead focusing on electronic component manufacturers.

Portfolio concentration limits and single-stock position caps are also objectively pushing fund managers to look further down the supply chain. Jupiter Asset Management portfolio manager Sam Konrad expressed optimism about the server assembly businesses of Hon Hai Precision Industry and Quanta Computer, as well as chip designer MediaTek. His rationale is that the AI capital expenditure cycle will span several years, leading investors to seek out companies that directly benefit but still trade at relatively low valuation multiples.

**Supply Chain Bottlenecks Broaden, Niche Sectors Gain Attention**

As semiconductor shortages spread from chips to downstream components, intensifying supply-demand imbalances are attracting early capital deployment. Among the top performers in the MSCI Asia broad index this year are South Korea's Samsung Electro-Mechanics and Japan's Ibiden, both representative companies in the server electronic components sector.

IG's Yip also highlighted Japanese bathroom brand Toto, which supplies ceramic materials for chip manufacturing equipment, positioning it as a more "distant" beneficiary in the AI investment chain. Song Zhe of BNP Paribas Asset Management believes the next phase of the market trend "should involve stock differentiation rather than indiscriminate buying of semiconductors." His team is focusing on Chinese companies in areas like advanced packaging, substrates, testing, optical interconnects, power, cooling, and servers—companies where upward earnings revisions can still support current valuations.

**Power Supply Emerges as Key Bottleneck, Energy Stocks Attract Capital**

The rapid expansion of data centers is making power supply the next significant bottleneck. Consequently, nuclear and new energy sources are receiving increased attention, a trend further reinforced by the clean energy substitution logic amid rising oil prices due to conflicts such as the Iran situation.

The South Korean market has been a global leader this year, with solar energy firm HD Hyundai Energy Solutions and nuclear engineering company Daewoo Engineering & Construction ranking among the top gainers. In India, the Adani Group's push to develop green-powered data centers has strengthened its energy sector, making it one of the few Indian beneficiaries of the AI theme.

Jian Shi Cortesi, a fund manager at GAM Asset Management, views power as the "most under-owned bottleneck sector" but cautions about risks. She notes that the uncertainty in the second phase of the AI rally is higher than in the first. If actual AI demand fails to support the current scale of investment, companies may cut capital expenditure, potentially leading to infrastructure oversupply and significant valuation corrections.

Swiss-Asia portfolio manager Brian Ooi is monitoring power equipment sectors such as transformers, fuel cells, cables, and gas turbines. He views the fundraising efforts of SpaceX, OpenAI, and Anthropic as a positive signal for continuing to hold AI-related stocks. "This will provide them with more ample liquidity to further invest in capital expenditure, from which Asian suppliers will benefit," he said.