New Delhi, June 27 -- The biggest risk to the AI-driven tech rally is not a sudden jump in semiconductor supply but a "sudden realisation by investors that the hyperscalers and the likes of OpenAI and Anthropic will not be able to make a return on their investment," according to latest research report by Jefferies.

The brokerage argued that "for now at least, there remains zero sign of AI capex slowing," yet warns that funding concerns could "trigger a sudden unwillingness to fund these investments which will then be aggravated by the circular arrangements between the main players, such as Nvidia financing OpenAI to buy its chips."

Jefferies' view comes as Hong Kong-listed Z.ai, formerly Zhipu AI, launched GLM-5.2 on 13 June. "GREED & f...