AI Investment Focus Shifts Toward Energy and Infrastructure, BlackRock Finds

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BlackRock Expands Its AI Investment Outlook

LONDON, Jan 13 (Reuters) – BlackRock, the world’s largest asset manager,
said on Tuesday that AI remains a strong investment theme for 2026.
However, the firm plans to focus on a broader set of opportunities within
the sector.

The firm shared its views in its Investment Directions report.
It emphasized that AI remains attractive, but investor attention is
shifting away from just the largest U.S. technology companies.

Survey Shows Preference for Power and Infrastructure Over Big Tech

According to BlackRock, investors looking for AI-related opportunities
are increasingly favoring energy and infrastructure suppliers over
the largest U.S. tech firms. This finding comes from a recent survey
of the firm’s clients, as outlined in the report.

In 2025, AI and large tech drove market performance and global equity
returns. However, the multitrillion-dollar build-out of new data centers
by Microsoft, Meta, and Alphabet raised concerns. Investors cited uncertain
capital returns and higher borrowing needs, prompting interest in
alternative ways to access AI, the survey showed.

Survey Breakdown: Where Investors See AI Opportunities

BlackRock surveyed 732 client companies in the EMEA region. Responses
suggest a clear shift away from the largest U.S. tech firms as the primary
route to invest in AI.

More than half of respondents preferred companies providing electricity
and power for data centers. Meanwhile, 37% identified infrastructure
as their main AI investment target.

Risk Management and Positioning in AI

“It is increasingly important to manage megacap and AI exposure while
capturing differentiated upside,” said BlackRock’s head of core U.S.
equity, Ibrahim Kanan, in the report.

Despite strong interest in AI, only 7% of survey respondents saw the
AI theme as a market bubble, according to BlackRock.