Jun Bei Liu: The AI winners of the ASX

Similarly, locally listed data centres are another way to play the AI theme, whether it be companies like NEXTDC (ASX: NXT) or Goodman Group (ASX: GMG). 

"We're also into the smaller level. We have the likes of Infratil (ASX: IFT) in the portfolio, which is also investing in data centres, run by a great management team, which is essentially specialised in that whole venture capital space," Liu said. 

From a consumer point of view, Liu believes there is opportunity in retailers like JB Hi-Fi (ASX: JBH). 

"When we talk about the replacement cycle, I can't help but get excited about JB Hi-Fi because the PC replacement cycle has been down double digits for quite some time now... because when COVID came, everyone went out and bought PCs," she said. 

"We are actually now hitting a point where old computers need to be replaced. And also, we are now coming up with interesting AI-enabled PCs. Now clearly... it might take a few generations for a consumer to adopt these. It needs to get cheaper. But a retailer like JB Hi-Fi is directly linked to that." 

Liu believes investors can look across the entire supply chain in search of AI beneficiaries - noting that energy companies and utilities are also likely to benefit. For example, Origin Energy (ASX: ORG), which Liu believes is a great beneficiary of future demand for energy, with multiple investments already in securing future capacity.

"What data centres tell you is that land is actually not hard to come by. It's actually securing the energy source and the pipeline to deliver to those areas that is really difficult," she said. 

"So, I think you've got to look at your good old energy companies where they're probably best positioned to invest and to benefit from this megatrend because that is going to take a long time to be resolved."