Nomura Advises Asian Wealth Managers to Diversify Beyond Mega-Cap Tech Amid AI Capex Inflation

Tokyo, 24 August 2026 – Senior investment strategists and asset allocation economists at Nomura have issued a comprehensive advisory to Asian private wealth managers, family offices, and institutional asset allocators, recommending a decisive portfolio rebalancing away from concentrated mega-cap technology equities toward diversified high-dividend defensive infrastructure, healthcare operators, and Asian value stocks to insulate wealth from escalating AI capital expenditure cycles and persistent interest rate volatility.

The core premise of Nomura’s advisory centers on the shifting risk-reward calculus of global technology leaders. Over the past three years, unprecedented capital spending on artificial intelligence infrastructure, projected to exceed an aggregate $200 billion annually among global hyperscalers, has driven spectacular equity multiple expansion. However, as hardware depreciation cycles, soaring electricity procurement tariffs, and rising component input costs begin to weigh on reported corporate free cash flow margins, technology valuations are increasingly vulnerable to quarterly earnings revisions and multiple compression.