Bloomberg Surveillance · Friday, August 14, 2026
Sarah Hunt notes that initial AI investments focused on infrastructure, but the market is increasingly discerning about where returns will be realized. While companies like Microsoft and Amazon show strong growth, investors are looking for clearer ROI, leading to fluctuations in the market as new information emerges.
“So, yes, in the beginning, it was all about the infrastructure, and we still go back to that periodically, right, we get these scares that either the growth isn't going to be there or the ROI isn't going to be there, and what does that mean? And then you get bigger CAPEX numbers and then they were exciting, and then they weren't exciting, and then they were a problem. So I think that there is people are starting to look at where I'm going to see that return. But you're seeing such good growth out of I mean, I think that the Microsoft numbers and the Amazon numbers, that growth really helped the story a lot, because you're seeing that growth and I don't think we're quite at the point where we can differentiate that granularly yet.”