Beyond Chips and Energy: Why AI Data-Centres Could Anchor India’s Next Industrial Revolution
Introduction: The AI Supercycle and the Missing Layers Beneath It The world is in the middle of an AI supercycle. Stock markets — especially in East Asia and the United States — have witnessed enormous investor enthusiasm around AI infrastructure. Semiconductor companies have seen their valuations surge — which in turn have sharply increased the total valuations of national stock markets of those countries. AI chip manufacturers have become symbols of technological power. Governments are competing to secure compute capacity. Hyperscalers are announcing record capital expenditures. The dominant global narrative of the AI era has therefore become deeply chip-centric. Artificial Intelligence is increasingly interpreted through the lens of GPUs, semiconductor manufacturing, frontier AI labs, and stock-market valuations. Countries lacking globally dominant AI-chip firms are casually described as "missing" the AI boom. India, in particular, has been described as a "loser...