Maybank Investment Bank expects demand from AI-related fields to remain strong and be the key growth driver of the semi-con sector in Singapore. The research house noted that 2025 was a better year for most semi-con players in Singapore but still fell short of market expectations. The global AI-in-semiconductor market size is projected to grow from $56.4 billion in 2024 to over $174.5 billion by 2032, a CAGR of 15.2 percent. Capital expenditures into AI and cloud infrastructure are projected to be around $375 billion. Enterprise AI adoption rose from 55 percent in 2023 to 78 percent in 2024. North America holds the largest share of the global AI market, with the United States having a market size of $74 billion in 2025. AI demand has led to strong demand in memory space with DRAM and HBM, with HBM facing supply constraints. Maybank stated that AI demand has flowed down to Singapore and Malaysia manufacturers, with a ramp up of orders. It noted that the mismatch between skyrocketing capital expenditures and realized AI revenue is the defining challenge of the 2026 tech landscape. Major hyperscalers from the largest five US Tech companies are committing an estimated $725 billion to data centers and AI hardware. Key risks include geopolitical tensions, especially between the US and China, and further trade restrictions on the semi-con segment.