Could today’s AI investment boom be following a familiar pattern?

Brunner Investment Trust Portfolio Managers Julian Bishop and James Ashworth look back at previous capital cycles to explore what the past could teach present investors about the extraordinary levels of investment flowing into AI infrastructure today.

From the iron ore supercycle driven by China’s rapid industrialisation to the US shale revolution, Julian and James examine how rising demand and high profitability can encourage significant investment in new capacity, and how increasing supply can ultimately put pressure on prices and returns.