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 estima

2026-10-15

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.