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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
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Current analysis and forecasts do not guarantee future results.
Capital intensity represents combined capital expenditures of Meta Platforms, Microsoft, Google, Oracle and Amazon Web Services divided by AB estimates of enterprise cloud revenues generated from data centers.
As of January 31, 2024
Source: Alphabet Inc., Amazon Web Services, Meta Platforms, Microsoft, Oracle and AllianceBernstein (AB)
Current analysis and forecasts do not guarantee future results.
Based on AB estimates of installed base of accelerated compute (GPU) and general purpose (CPU) servers and the assumption that one accelerated compute server represents the computing power of 30 general purpose servers.
As of March 31, 2024
Source: Advanced Micro Devices, Intel, NVIDIA and AB
Current analysis and forecasts do not guarantee future results.
As of April 9, 2024
Source: Bloomberg and AB
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
Lei Qiu is the Chief Investment Officer for Thematic Innovation Equities and is responsible for the AB Global Disruptors and International Technology Portfolios. She has been a portfolio manager at AB since 2016 and was previously a senior research analyst, focusing on the technology, media and telecom sectors. Prior to joining the firm in 2012, Qiu was the founder and the managing partner for three years of Phidias Capital Management, a technology-focused asset-management company. From 2003 to 2009, she was a general partner and senior research analyst at Andor Capital Management, and from 2000 to 2002, she was a research analyst at Chilton Investment Company. From 1995 to 1997, Qiu worked as an investment banking analyst at Goldman Sachs & Co. She holds a BA in economics (magna cum laude) from Smith College and an MA in business economics from Harvard University. Location: New York
Wentai Xiao is a Vice President and a Senior Research Analyst for Thematic Innovation Equities. She first joined AB in 2015 through the Equities Rotational Associate program, upon the completion of which she became a research analyst on the US Growth platform, where she was responsible for the coverage of semiconductors and software from 2017 to 2021. In 2023, Xiao rejoined AB after spending two years as an executive director and investment analyst at Tybourne Capital Management, where she also covered semiconductors and software. She holds a BA in economics from the University of Chicago. Location: London
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