New Delhi, Dec. 11 -- India's capital expenditure (capex) cycle is gaining strong momentum driven largely by old-economy sectors, positioning the country as a hedge against the global AI-led investment euphoria expected to peak in Calendar Year 2026 (CY26), according to a report by ICICI Securities.

The report noted that, unlike the US, where a sharp rise in spending on IT equipment and software is now dominating private investment, India's capex story continues to be broad-based and rooted in traditional sectors. It added that this trend not only differentiates India from global patterns but also strengthens the country's long-term investment outlook.

It stated, "India capex upcycle is an AI hedge. Unlike US, where capex growth is AI-l...