Michael Roberts, head of corporate and institutional banking at HSBC, said banks
and investors are becoming more selective and demanding higher returns as
large-scale AI infrastructure buildouts proceed. He noted “considerable cautious
scepticism” in the market. A sharp sell-off in chipmakers has weighed on global
equities and started to reverse prior AI-sector gains. Rising interest rates and
multi-decade highs in global bond yields are pushing up capital costs for AI
infrastructure. PwC estimates related investment in Asia alone could reach $8.2
trillion by 2050. Roberts said lenders will increasingly require appropriate
financing structures and clearer return expectations, and that the large scale
of these deals makes them harder to complete.
