AI hardware shortages look set to shape financial markets in 2026, as pricing power shifts abruptly along the supply chain and volatility begins to rise.
What started as an exuberant growth story for artificial intelligence is quickly morphing into a supply-shock narrative, one that may become the defining investment theme of the coming year.
The buildout of data centres, cloud capacity and AI computing capabilities is fuelling extraordinary demand for advanced chips, high-bandwidth memory, networking equipment and industrial-grade power systems.
Yet the pace of expansion is hitting physical constraints. Supplies of crucial components are tightening, and prices for specialised memory and cutting-edge silicon are climbing as manufacturers prioritise the biggest AI buyers.
This marks a turning point in the AI saga. The narrative is no longer only about breakthroughs in software and productivity; it is now about bottlenecks, allocation and control over scarce hardware. These constraints are already reshaping corporate behaviour. Hyperscalers and large enterprises are racing to secure long-term supply agreements, locking in capacity years ahead. For some suppliers, this ensures enviable revenue visibility; for others, it exacerbates competitive disadvantage.
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