Compute accounts for 91 percent of the USD 3.79 billion in AI commitments signed across five emerging-market regions from 1 August to 25 September 2026. One USD 3.1 billion loan drives the value; applications closed 15 of 25 deals.
We traced USD 42.8 billion in AI capital across five emerging-market regions. 94% of it funds compute infrastructure. That is worth celebrating, and compute is necessary. But it does not, by itself, produce a local AI company, a usable dataset, a skilled workforce or an institution capable of buying and governing an AI system. Those things have to be financed separately, and right now, they largely are not.