0202 GMT - Recent calls by Anthropic to pace frontier artificial-intelligence development, alongside similar caution from Sam Altman and Elon Musk, don't necessarily imply a slowdown in AI capex or a bearish outlook for hardware players, says James Ooi of Tiger Brokers. Spending could shift from training the next model toward expanding inference capacity and improving reliability, the market strategist says in a note. That shift could also broaden the set of AI beneficiaries beyond hardware vendors and hyperscalers to cybersecurity and observability providers, which could see greater demand. If regulation and safety requirements become more important, compliance costs could rise, favoring well-capitalized players such as OpenAI, Anthropic and Google, while making it more difficult for smaller frontier labs to compete on the same footing.