ACM Portfolio Manager Dr. JoAnne Feeney joined Bloomberg to discuss the latest wave of AI-related capital spending, what it may signal about demand from major technology companies, and why investors may need to look more carefully across software and cybersecurity. In the interview, Dr. Feeney emphasized that while AI spending remains a major focus for markets, selectivity and fundamental research continue to matter.
Interview Date: April 30, 2026
Key Takeaways:
AI spending may point to continued demand:
Dr. Feeney noted that rising CapEx from major hyperscalers may reflect strong demand for AI models and infrastructure, with cloud growth and capacity constraints suggesting the AI buildout remains in its early stages.
Investor scrutiny remains high:
While AI investment may be productive, Dr. Feeney explained that investors are still looking for clearer evidence of payoff, especially when companies are using AI internally rather than selling AI services externally.
Software requires a more selective approach:
Dr. Feeney highlighted that parts of software have sold off broadly, but areas such as cybersecurity may continue to see strong demand as AI-driven threats increase.
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