While the focus has been on the oil and gas, there is an unintended spillover towards the whole AI space.
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Data centers are unattack. While the computing power in the Middle East region only takes a small fraction of the world computing power, the relative low cost of power actually give it an edge. The war will naturally disrupt the operation of these data centers, as it has happened to Amazon with one data center hit by missles. While a short-term lose of computing power can be fixed if this is just an accident, this will have a significant impact on both the operation costs and the productivitiy if the war lasts longer.
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AI investments may be slowed. It is without question that the Middle East money, e.g. Saudi sovereign wealth funds, needs to be reallocated, for instance, to military. This reallocation may slow down the AI boom in the short run. For a very picky equity market, a correction will happen if these AI firms, e.g. NVDA, miss their earnings expectation becuase of this.
In the centre of the storm: what does the Iran war mean for Dubai?