of the world the biggest money manager say people still have to put in cash There will be more artificial intelligence companies this year, but they are need to Look beyond the usual tech suspects.
black rock said Investors said Tuesday that smart money in AI is changing. Rather than betting on companies like Microsoft or Meta, those with big funds are interested in companies that provide power and build the infrastructure that powers AI.
Questionnaire program dramatic change in Investor mindset
determined by the company The findings are reported in a report called Investment Directions, which also includes the results of a survey of customers. The message was clear. The AI gold rush isn't over, but the places to dig have changed.
Big technology companies led the rise in stock markets around the world last year. these companies poured trillions of dollars into the Competition to build new data centers. but With bills mounting and financial returns remaining uncertain, investors are get I'm worried about whether all that expense will pay off. they are They are also concerned about rising borrowing costs to finance these projects.
BlackRock surveyed 732 companies in Europe, the Middle East, and Africa. find out Where they plan to put their money. As a result, we have seen a dramatic shift in thinking. Only one in five respondents said America's largest tech companies offer the best opportunity to profit from AI investments.
More than half of those surveyed they said A supporting company that supplies power to the data center. Another 37 percent chose The first choice for AI investment is infrastructure.
Ibrahim Kannan oversees core U.S. equity investments at BlackRock. He explained the reasoning behind the report's survey numbers. “Risk management of megacap and AI exposures is becoming increasingly important while capturing differentiated upside opportunities,” Keinan said.
Despite the shift in strategy, few believe that the AI boom is a false market bubble about to burst. Only 7% of those surveyed believe that AI is nothing more than a market bubble about to burst.
BlackRock's Global Allocation Fund is overseen by Russ Kesterich. He said investors will need to be very selective about specific stocks in 2026. He cited “reasonable concerns” about AI investments in bonds and stocks.
Energy demand will reshape the investment landscape
When you look at the numbers, the trend towards utilities makes sense. The next generation of computer chips used for AI will require large amounts of power. According to the report, AI data centers require significantly more power than traditional facilities.
As a result, demand for nuclear power, natural gas, and reliable renewable power sources is increasing. BlackRock points out that technology companies' expansion is currently hampered by physical infrastructure such as actual power lines, transformers, and generators.
BlackRock categorizes AI investments into three tiers. The first phase focused on companies that make computer chips and hardware. The second phase, which will occur in 2026, will focus on building the infrastructure needed to run these chips. The third phase will focus on companies leveraging AI to generate more revenue and operate more efficiently. The survey results confirm that major investors are now firmly in the second stage.
37% of infrastructure-focused investors are increasingly turning to private markets rather than listed assets. Building large data centers often requires special financing arrangements that don't work in traditional stock markets. BlackRock’s latest collaboration shows how private finance is driving this global construction boom, including the advanced cooling systems and underwater connectivity needed for powerful AI servers.
