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In Focus: Australian pensions revise AI bets as infrastructure boom matures

Major Australian superannuation funds are shifting focus from AI infrastructure buildout to application deployment as valuations stretch and funding patterns evolve.
In Focus: Australian pensions revise AI bets as infrastructure boom matures

The artificial intelligence investment thesis is entering a new phase. Foundation models are built. Data centres are expanding. Chip manufacturers are minting profits. But the business case further down the value chain remains unproven, and that structural tension is prompting some of Australia's largest institutional investors to reconsider where the real returns will materialise.

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