GQG’s Jain cuts AI exposure on data centre woes, backs utilities

Rajiv Jain, manager of the $23 billion GQG Partners Emerging Markets Equity Fund, is trimming exposure to investments linked to artificial intelligence on concerns of waning data-centre demand, while remaining bullish on utilities.

Utility companies in Asia have flagged that hyper-scalers are paring back data-centre demand numbers following the region’s aggressive AI growth, Jain said Wednesday at the Morgan Stanley Australia Summit in Sydney.

“What we’ve learned from a lot of utilities is that there’s probably some more double counting. The…