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AI Supercycles: Infrastructure, and the Real-World Economy

Jeremy Gleeson

Join Joe Licsauer (Kepler’s Expert Investor) and Jeremy Gleeson (CIO Global Technology Equity, AllianzGI) for an exclusive deep dive into the paradigm shifts reshaping the tech sector in 2026 and beyond.



AI Supercycles: Infrastructure, and the Real-World Economy
Duration: ~21 minutes

Navigating the Next Wave of Innovation

While the technology sector is often defined by annual product cycles, we have entered a period of overlapping supercycles. Driven by the unprecedented growth of Artificial Intelligence (AI), these shifts are reorganising the entire semiconductor and technology ecosystems.

In this comprehensive discussion, Jeremy Gleeson, Lead Portfolio Manager of the Allianz Global Hi-Tech Growth Fund, explores why AI is a major paradigm shift rather than a fleeting trend. From the critical need for memory bandwidth to the physical constraints of global power grids, learn where the team sees the most compelling opportunities for long-term growth.

Jeremy Gleeson

"This isn’t just a trend; this is a major paradigm shift in technology... it impacts the entire industry and other industries as well."

"AI software is transformative—but it can’t run without power. Five years ago, nobody building the power grid was thinking about AI. Now, the technology is proven, and those investments are taking place."

"We think that we are about to see that kind of 'wow moment' as enterprises adopt AI and we'll start to see some results of that adoption in the real-world economy."

Deep Dive: Global Tech – 5 Themes for 2026

AI is no longer just a narrative; it is a structural force driving the next phase of market evolution. To complement the video discussion, we invite you to explore our latest outlook, which identifies the five key themes set to define the landscape for tech investors in the coming year:


  1. The Memory Supercycle: Addressing the critical bottleneck in data movement.
  2. Semiconductor Capex: Geopolitical shifts and regionalised production.
  3. Data-Centre Power: Scaling infrastructure amid increasing grid stress.
  4. Mainstreaming Enterprise AI: Moving from experimentation to full-scale deployment.
  5. Analog Semiconductor Recovery: A rebound driven by power management and vehicle electronics.
Read the Full Thought Leadership Report: 5 Themes for 2026

About the Experts

  • Jeremy Gleeson, CFA: CIO Global Technology Equity and Lead Portfolio Manager for the Allianz Global Hi-Tech Growth Fund. Jeremy has 27 years of experience investing in the global technology sector.
  • Joe Licsauer: Host and representative of Kepler’s Expert Investor, focusing on identifying the biggest forces shaping modern markets.

Stay Ahead of the Cycle

For further information on the technology space explore the Allianz Global Hi-Tech Growth Fund, or view the latest research on Expert Investor.

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