Singapore’s AI-linked stocks ended Friday on a steady note, even as global headlines kept the artificial intelligence trade firmly in the spotlight. The Straits Times Index (STI) slipped a marginal 0.02% to 4,569.78 on 19 December 2025, with turnover of about S$2.1 billion and advancers outpacing decliners across the broader market. [1]
For investors scanning the Singapore Exchange (SGX) for “AI stocks”, the story is less about pure-play model developers and more about the companies that power, house, test, secure, and distribute AI compute: data centre REITs, telecom and cloud infrastructure, and semiconductor equipment and precision engineering names. And on a day when markets digested fresh signals about chip demand, geopolitics, and capital rotation into 2026, those SGX “AI enablers” were back in focus. [2]
Singapore market snapshot: what happened on SGX on 19 December 2025
Singapore shares finished essentially flat even as many regional markets ended higher. The STI’s modest dip came alongside mixed performances among local banks, while Japan’s Nikkei advanced after the Bank of Japan raised its benchmark rate to 0.75%—a reminder that rate expectations still matter for yield plays like REITs (including data centre REITs often viewed as AI infrastructure proxies). [3]
A key takeaway for AI-linked counters: the AI narrative hasn’t disappeared—investors are rotating within it. Instead of indiscriminately chasing “AI” as a label, the market is increasingly differentiating between:
- AI demand visibility (real orders, real leases, real utilisation)
- AI capex risk (power, cooling, debt, funding costs, and execution)
- AI geopolitics (export controls and cross-border chip flows) [4]
What counts as an “AI stock” on the Singapore Stock Market in 2025?
On SGX, the most investable AI exposure tends to sit in three buckets:
- AI Infrastructure (Data Centres, Digital Real Estate, Power-Efficient Buildouts)
- Data centre REITs and REITs with meaningful data centre exposure.
- AI Connectivity and Cloud Enablement (Telecom, Enterprise, GPU Cloud Ecosystems)
- Operators building “AI-ready” data centre capacity and enterprise platforms.
- AI Hardware Supply Chain (Semicon Testing, Precision Engineering, Automation)
- Firms supporting advanced chip manufacturing, testing, and equipment.
This matters for SEO and for reality: “AI stocks on SGX” is best understood as Singapore’s AI plumbing—the picks-and-shovels that benefit when AI workloads scale.
Today’s SGX AI-linked price check (closing data for 19 December 2025)
Below is a practical “AI enablers” snapshot using end-of-day pricing from market data sources (note: prices may be delayed depending on platform rules).
- Singtel (Z74): S$4.55 close (O/H/L/C: 4.58 / 4.58 / 4.53 / 4.55) [5]
- ST Engineering (S63): S$8.19 close (O/H/L/C: 8.23 / 8.24 / 8.15 / 8.19) [6]
- AEM Holdings (AWX): S$1.64 close (O/H/L/C: 1.63 / 1.64 / 1.63 / 1.64) [7]
- Keppel DC REIT (AJBU): S$2.19 close (O/H/L/C: 2.20 / 2.21 / 2.18 / 2.19) [8]
- Digital Core REIT (DCRU): US$0.490 (SGX USD counter; as-of quote shown on SGX-focused tracker) [9]
- UMS Integration (558): traded around S$1.38–S$1.39 (per historical pricing snapshot) [10]
- Micro-Mechanics (5DD): S$1.60 last traded; day range S$1.58–S$1.60 [11]
The key news and analysis shaping SGX AI stocks on 19.12.2025
1) “AI bubble” debate is moving from hype to balance-sheet math
One of the most widely circulated concerns heading into 2026 is whether the AI boom is entering a valuation and funding stress phase—particularly in the US—where expectations may be running ahead of monetisation and cash flows. A 19 Dec analysis pointed to familiar pressure points: costs rising faster than revenue, and a dependence on capital marketsto keep the AI buildout funded. [12]
Why SGX investors care: Singapore’s AI exposure is heavily tilted to infrastructure and enablers. If global AI enthusiasm cools, some SGX names could still hold up if their revenue is tied to longer-cycle contracts (leases, enterprise deals, recurring services). But if capital markets tighten, highly levered or capex-heavy segments can feel pressure.
2) Nvidia export policy headlines are back—and they matter for Asia’s AI supply chain
On 19 Dec, reports indicated the US administration had started a review process that could enable shipments of Nvidia’s H200 AI chips to China under a licensing framework—an issue that has drawn scrutiny around national security and AI capability transfer. [13]
Why SGX investors care:
- Semiconductor-related Singapore stocks tend to trade partly on global AI chip cycle sentiment and supply chain expectations.
- Export policy can shift demand between regions and vendors, influencing order visibility and capital spending plans across the ecosystem.
For SGX “AI hardware enablers” like AEM (test solutions) and precision engineering suppliers, the macro takeaway isn’t that one policy decision changes earnings overnight—it’s that volatility in the global chip roadmap can quickly reprice “AI-linked” exposure.
3) Micron’s AI demand signal helped stabilise the broader tech narrative
Global market coverage on 19 Dec highlighted how Micron’s strong forecast tied to AI demand supported sentiment in the semiconductor complex. [14]
Why SGX investors care: When the global semicon cycle strengthens, Singapore’s semiconductor services and supply-chain counters often ride the wave—especially those linked to testing, equipment, or advanced manufacturing support.
4) JPMorgan’s 2026 outlook: rotate away from crowded AI trades, but keep selective Singapore exposure
A Singapore-focused 19 Dec report summarised JPMorgan’s view that Asean equities could be at an inflexion point in 2026, with recovering earnings/valuations after years of underperformance. Notably, it described the case for diversification away from crowded global technology and AI trades, while naming Singtel and ST Engineering among its seven Singapore top picks (alongside DBS, Keppel, CDL, and CICT, plus Sea). [15]
In the same discussion, the report referenced a S$70 billion cash pile potentially rotating from deposits into equities—a supportive backdrop for the local market narrative going into 2026. [16]
5) Singapore’s “neutral hub” appeal is drawing more China-linked tech and AI firms
A Reuters piece dated 19 Dec reported a growing trend of Chinese companies relocating operations to Singapore to manage geopolitical and credibility risks—explicitly naming firms such as Manus AI and AI-related operators among those setting up in the city-state. [17]
Why SGX investors care: If Singapore continues to attract AI-adjacent companies, the second-order beneficiaries can include:
- Data centre capacity providers / landlords
- Telecom and connectivity ecosystems
- Enterprise IT and security stacks
- Local hiring and services demand
The caution, also highlighted in the Reuters coverage, is that relocation strategies don’t fully eliminate scrutiny—particularly for higher-profile firms. [18]
Stock-by-stock: what SGX “AI enablers” look like right now
Singtel (Z74): AI connectivity, Nxera data centres, and the rerating debate
Singtel closed at S$4.55 on 19 Dec. [19]
The Singapore telco’s AI angle is increasingly tied to data centre buildout and enterprise enablement. A recent DBS research note argued that Singtel’s 2026 catalysts include doubling data centre capacity in early 2026 and a potential stabilisation in Singapore mobile ARPU, framing this as a potential rerating driver versus regional peers. [20]
What to watch next (AI-linked):
- Timelines and utilisation for AI-ready capacity additions
- Capital intensity vs returns (data centres are profitable when filled—but expensive to build)
- How quickly enterprise customers scale AI workloads in-region
ST Engineering (S63): defence-tech, smart systems, and AI-enabled security themes
ST Engineering closed at S$8.19 on 19 Dec. [21]
It also featured among JPMorgan’s highlighted Singapore picks for 2026. [22]
For AI-stock framing, ST Engineering sits more in applied AI—analytics, smart systems, and mission-critical tech—than in chipmaking. The investment case typically leans on:
- Contract durability
- Government and infrastructure spending cycles
- “AI + security” demand being less discretionary than consumer-facing AI
Keppel DC REIT (AJBU): AI data centre demand vs rates, power and acquisition discipline
Keppel DC REIT closed at S$2.19 on 19 Dec. [23]
Data centre REITs remain one of the cleanest “AI infrastructure” exposures on SGX because AI workload growth usually implies more demand for space, power density, and cooling—if supply constraints don’t choke growth.
Earlier in the week, Keppel announced a divestment of remaining interests in two Singapore data centres to Keppel DC REIT (a portfolio-level development that remained part of the market narrative as investors assessed AI-related infrastructure scaling). [24]
What to watch next (AI-linked):
- Cost of capital and refinancing conditions
- Portfolio power density upgrades (AI workloads push higher rack density)
- Acquisition funding mix: equity vs debt vs DPU accretion discipline
Digital Core REIT (DCRU): pure-play data centre REIT, targets vs execution
Digital Core REIT traded around US$0.490 (SGX USD counter) based on a 19 Dec quote snapshot. [25]
On the research side, an SGX-oriented target price compilation showed DBS Research with a US$0.680 target (rated Buy) and UOB Kay Hian with a US$0.880 target (rated Buy), among listed targets. [26]
Digital Core REIT also posted a 19 December 2025 company announcement relating to disclosure of interest/changes in interest of substantial holders, reflecting ongoing shareholder activity. [27]
AEM Holdings (AWX): semiconductor test exposure to AI compute cycles
AEM closed at S$1.64 on 19 Dec. [28]
AEM’s “AI stock” relevance comes from its position in the semiconductor ecosystem—where AI servers and accelerators drive demand for more advanced testing and validation.
A consensus snapshot cited by a Singapore market tracker pegged AEM’s consensus target at S$1.67 as of 19 Dec 2025, versus a referenced current share price around S$1.62 on that page (implying modest upside in that specific consensus view). [29]
What to watch next (AI-linked):
- Whether AI compute demand translates into sustained test-equipment orders
- Customer concentration and product cycle timing
- Sensitivity to export-policy swings and semiconductor capex cycles [30]
UMS Integration (558) and Micro-Mechanics (5DD): “picks-and-shovels” precision plays
UMS traded around S$1.38–S$1.39 on the 19 Dec historical snapshot. [31]
Micro-Mechanics last traded at S$1.60 with a S$1.58–S$1.60 day range on 19 Dec. [32]
These are often watched as downstream beneficiaries of a healthier semiconductor equipment and manufacturing environment—an indirect AI linkage that can strengthen when AI-driven capex is broad-based.
Forecasts and analyst angles investors are using going into 2026
Market narratives for SGX AI-linked stocks today aren’t driven by a single forecast—they’re being triangulated from rates, AI capex, and policy support:
- Singapore equity backdrop: JPMorgan’s framing of an Asean inflexion point and Singapore upside into 2026, plus its highlighted top picks list. [33]
- Digital infrastructure preference: A DBS Singapore market outlook note pointed to digitalisation underpinning infrastructure plays including Singtel and Keppel DC REIT. [34]
- Stock-level target snapshots:
The bottom line for “AI stocks” on SGX today
On 19 December 2025, the Singapore AI-stock conversation was defined less by a single breakout earnings release and more by cross-currents:
- the “AI bubble” risk debate heading into 2026, [38]
- shifting geopolitics around advanced AI chip flows, [39]
- signals of sustained semiconductor AI demand, [40]
- and a growing case for Singapore/Asean diversification in 2026 strategy notes. [41]
For SGX investors, the practical approach is to treat “AI stocks Singapore” as AI infrastructure and supply chain exposure—with data centre REITs, Singtel’s digital buildout narrative, and semiconductor ecosystem names forming the core watchlist.
This article is for information and discussion purposes only and is not financial advice. Always consider your risk tolerance and consult a licensed professional where appropriate.
References
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