The world is captivated by the artificial intelligence boom, with hundreds of billions being poured into infrastructure. But is it a sustainable revolution or a speculative bubble? In this episode, Brunner’s Julian Bishop and James Ashworth provide a sober analysis based on their research trips to the tech hub of San Francisco and the industrial centre of Tokyo.

They draw parallels to past technological booms, questioning whether today’s massive capital expenditure can generate a sufficient return. Discover their balanced strategy: investing in the essential ‘picks and shovels’ of the AI gold rush while also finding value in resilient, tangible businesses far from the hype. This episode offers an insight into navigating one of the most important – and hyped – investment themes of our time, exploring how to uncover opportunities, while remaining alert to the risks that could be present.

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