Private Clients Research Analyst, Tasneem Samodien explores how tech giants are investing heavily in hyperscale data centres — a strategic move to secure long-term dominance in AI and cloud computing. Drawing parallels with past tech cycles, she shows how Amazon, Microsoft and Alphabet (key holdings in our Global Equity portfolio) are uniquely positioned as both builders and primary beneficiaries of this next-generation infrastructure. Far from a dot-com bubble repeat, Tasneem argues that today’s capex surge could underpin the future of the digital economy.

Nadine Chetty-Khan, Private Clients Research Analyst, examines Alphabet’s staggering US$75 billion capex plan for 2025 and the debate around it. While lean AI startups like DeepSeek and Mistral show innovation can come on smaller budgets, Nadine argues that Alphabet’s big spend is far from reckless. Instead, it reflects a strategic effort to build a vertically integrated AI ecosystem, from custom chips to enterprise cloud solutions. With a track record of turning costly early bets like Android, YouTube and Google Maps into dominant platforms, Alphabet is not just chasing AI — it is setting itself up to lead it.

Head of Research at Private Clients, Victor Mupunga highlights how ASML has become a key player in the global tech supply chain. As the only company making the machines needed to produce the most advanced computer chips, ASML plays a vital role in powering technologies like AI, smartphones and cloud computing. Victor unpacks how its strong customer relationships, deep expertise and long-term visibility make it one of the most important — and resilient — businesses in the semiconductor space.

Izak Odendaal, Chief Investment Strategist at Old Mutual Wealth, explores how recent US policies under Trump have challenged free trade and global trust, creating uncertainty in markets. For global citizens and investors, this calls for a steady strategy amid change — balancing risk with opportunity in an evolving world.

Mandy Dix-Peek, Head of Fiduciary at Private Clients, outlines the UK’s shift to a residency-based tax system (effective April 2025). The new rules around income, capital gains, trusts and inheritance tax add complexity for global citizens, making careful cross-border planning more essential than ever.

In this article from Stellenbosch Visio, Jean Minnaar, MD of Private Clients, discusses our “round-table” approach — trusted advisers and experts collaborating to craft tailored, enduring wealth strategies. This powerful partnership model enhances existing relationships and helps clients navigate complex, multi-jurisdictional challenges. Jean makes the point that for lasting success — across generations and geographies — building meaningful partnerships is key: together, we go further.