BlackRock said it continues to see a strong long-term investment case in artificial intelligence, but anticipates investors will broaden their focus into 2026. In comments released Tuesday, the world’s largest asset manager said that while AI remains a dominant theme, capital is increasingly being funneled into opportunities outside of the biggest tech names.
According to the report Investment Directions From BlackRock, investors looking to position themselves for AI-driven growth in 2026 show a clear preference for energy and infrastructure providers, rather than Wall Street’s tech giants. The conclusions are based on a recent survey conducted by the firm among its clients.
Big tech and AI stocks dominated global markets and stock returns in 2025, but BlackRock said sentiment is changing as the multi-trillion-dollar race by companies like Microsoft (NASDAQ:MSFT), Meta (NASDAQ:META) and Alphabet (NASDAQ:GOOG) to build new data centers raises concerns about uncertain capital returns and rising financing costs. These factors are leading investors to seek new ways to gain exposure to the topic of AI.
Among the 732 companies surveyed by BlackRock in the EMEA region, only about one in five considered the largest US technology groups to represent the most attractive investment opportunity in AI. In contrast, more than half said they support the energy providers needed for data centers, while 37% pointed to infrastructure as their main AI-related bet.
“It is increasingly important to manage the risk of exposure to megacaps and AI, while capturing differentiated upside opportunities,” said Ibrahim Kanan, head of US core equities at BlackRock, in a report that accompanied the survey results.
Despite the change in preferences, confidence in the topic of AI remains high. Only 7% of respondents said they believe that artificial intelligence currently represents a market bubble.
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