An investment strategist from asset management firm Franklin Templeton has stated that the bullish case for artificial intelligence infrastructure spending is currently outweighing bearish arguments, with the resilience of this investment theme expected to last at least until the end of 2026, and potentially extending into 2027 or even 2028.

The strategist noted that bearish views on AI primarily focus on issues like supply chain inefficiencies and excessive capital expenditure, arguments that may sound compelling. However, she pointed out that corporate investment in infrastructure has remained rational, with returns on investment justifying continued spending. She emphasized that the bullish logic is the one truly prevailing at present. Nevertheless, she cautioned that anyone claiming to clearly predict the landscape for 2028 and beyond may not be telling the full story.

This perspective aligns with the recent strong performance in the semiconductor market. The Philadelphia Semiconductor Index has surged 78% year-to-date, reflecting robust demand for AI-related chips. Despite significant volatility in semiconductor stocks even amidst solid earnings, the strategist described recent pullbacks as a healthy process of price discovery rather than a structural warning signal, suggesting market fluctuations may not necessarily weaken the long-term cycle of AI infrastructure spending.

At the corporate level, she mentioned that the capacity plans of SK Hynix and Samsung Electronics Co Ltd appear reasonable. While Samsung reported a significant jump in quarterly operating profit, its shares still fell over 10% in Seoul trading. Meanwhile, SK Hynix is preparing a large-scale American Depositary Receipt listing, which is drawing increasing investor attention.

The strategist believes the key signal for investors is whether companies can consistently confirm that their capital allocation is generating positive returns. She contends this condition will support the continued growth of AI spending and long-term value creation.