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Big tech’s AI spending spree is now a problem for your super
Australian funds hold more of the US megacaps than ever. The capex bill is starting to show up in the returns.
The biggest US technology companies are spending at a scale the market has not had to price before, and the money is increasingly coming out of the same index funds that sit at the core of most Australian super balances.
Balanced options have quietly become more concentrated in a handful of offshore names. When those names spend, members wear it — first in volatility, then in returns.
Fund executives argue the spending is an investment, not a leak. The test is whether the revenue lands before the depreciation does.
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