Marex

Commodity markets are pricing an exponential AI buildout.The physical rollout is telling a different story.Only 35–50% of announced capacity is arriving on time, yet copper, electrical steel and transformers are already being bid up ahead of demand that may take years to materialise.The risk is subtle but significant: near-term overpricing, followed by correction.Marex and Oxford’s Smith School examine where expectations and reality are diverging across the AI supply chain. ...

Hyperscalers are committing up to $200 billion annually to data centre infrastructure - at capex levels the sector hasn’t seen before.That scale of investment assumes demand accelerates sharply. If it doesn’t, the risks are clear: overcapacity, stranded assets and compressed returns as hardware cycles shorten to ~24 months.The infrastructure is long-term. The revenue visibility isn’t.This whitepaper from Marex and Oxford’s Smith School analyses the economics behind one of the largest capital bet ...

CSC: multi-year strategies for CORSIA compliance