BlackRock, the world’s largest asset manager, said it remains confident in the long-term investment case for artificial intelligence but noted that investors are broadening their focus beyond major US technology companies.
In its latest Investment Directions report, BlackRock said clients are increasingly favouring energy and infrastructure providers as the most attractive ways to benefit from the expansion of AI into 2026. The findings were based on a survey of companies and institutional investors across Europe, the Middle East and Africa.
Artificial intelligence and big technology stocks dominated equity market returns in 2025 as firms such as Microsoft, Meta and Alphabet accelerated spending on new data centres. However, the scale of those investments has raised questions about capital efficiency and borrowing costs, prompting investors to seek alternative exposure within the AI ecosystem.
Among the 732 organisations surveyed by BlackRock, only about 20 per cent said the largest US technology companies represented the most compelling AI opportunity. By contrast, more than half identified power suppliers as their preferred investment route, reflecting the rising energy demands of data centres. Infrastructure providers ranked second, selected by 37 per cent of respondents.
BlackRock said the shift highlights growing awareness that AI growth depends not only on software and computing platforms but also on the physical systems that support them, including electricity networks, cooling systems and transport links.
Ibrahim Kanan, BlackRock’s head of core US equity, said investors were becoming more selective about exposure to mega-capitalisation stocks. “It is increasingly important to manage risk in large technology holdings while identifying differentiated sources of return across the broader AI supply chain,” he said.
Despite concerns over valuations in parts of the technology sector, BlackRock said confidence in artificial intelligence as a long-term theme remains strong. Only 7 per cent of respondents described the AI boom as a market bubble, indicating that most investors expect continued growth in adoption across industries.
The asset manager said the transition reflects a maturing investment landscape in which attention is turning toward companies that enable AI deployment at scale, rather than only those developing the most visible applications.
Rising electricity consumption by data centres has already led to increased interest in nuclear, renewable and grid-modernisation projects, while demand for construction, cooling and connectivity services is also accelerating.
BlackRock said this broader investment approach could help investors balance exposure between high-growth technology firms and more stable assets that benefit from long-term infrastructure development.
The company added that while AI will remain a defining market theme, future returns are likely to come from a wider range of sectors than in previous years, as investors adapt to the economic realities of building and maintaining global computing capacity.
