US Financials The “Picks and Shovels” Problem in AI Data Centers: Expert event

Research evidence excerpt

US Financials The “Picks and Shovels” Problem in AI Data Centers: Expert event

24 June 2026

Equities

US FinancialsUS Financials

The “Picks and Shovels” Problem in AI Data Centers:

Expert event United States

◆ Expert event sheds light on key weak link in AI supply chain – Saul Martinez

private suppliers Head of US Financials Research

HSBC Securities (USA) Inc.

saul1.martinez@us.hsbc.com

◆ Little margin of error for buildout to be on time and disruption-free +1 212 525 6874

◆ Financial health of private companies raises execution risk as Vikram Gandhi*, CFA

Senior Analyst, US Financials

credit tightens HSBC Securities and Capital Markets (India) Private Limited

vikram.gandhi@hsbc.co.in

+91 80 45552430

On 22 June 2026, we hosted an expert session with James H. Gellert, Executive Chair

of RapidRatings, focused on the AI infrastructure buildout. The discussion highlighted Calvin Carlo* Analyst, US Financials

the financial fragility of privately held suppliers supporting the data centre expansion, the HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

Financiero HSBC

associated execution risks, and the potential misalignment between organisations’ AI calvin.carlo@hsbc.com.mx

ambitions and the underlying financial resilience of their supplier base. We summarize +52 55 8551 5022

the key discussion points below; a full replay of the event is available here. Dmitriy Leskin

Analyst, US Financials

Private suppliers and the “hidden” fragility in data center buildout: The resilience of HSBC Securities (USA) Inc.

dmitriy.leskin@us.hsbc.com

the data center/AI buildout is often framed around chips, servers, and power availability, but +1 212 525 4110

a less visible vulnerability sits deeper in the ecosystem: the private suppliers that enable

delivery. As Mr.