Investors Shift AI Bets Toward Energy and Infrastructure in 2026, BlackRock Says

London | Jan 13, 2026 | GEOKHUB Global investors are increasingly backing energy and infrastructure providers over major technology companies as they position portfolios for the next phase of the artificial intelligence boom, according to the world’s largest asset manager, BlackRock.

In its latest Investment Directions report, BlackRock said it remains confident in the long-term investment case for AI but noted a clear shift in where investors see the most attractive opportunities heading into 2026.

From Big Tech to Power and Infrastructure

AI-linked stocks and U.S. technology giants dominated global equity markets in 2025, driven by massive spending on data centres and computing capacity by companies such as Microsoft, Meta and Alphabet. However, the escalating cost of capital and uncertainty over long-term returns have prompted investors to look beyond traditional Big Tech plays.

BlackRock’s survey of 732 clients across Europe, the Middle East and Africa (EMEA) found that only about 20% now view the largest U.S. technology firms as the most compelling way to invest in AI.

By contrast, more than half of respondents said companies supplying electricity to data centres offered the strongest AI-related opportunities, while 37% favoured infrastructure providers.

Managing Risk as AI Spending Surges

BlackRock said the shift reflects a growing focus on risk management as the AI arms race intensifies and borrowing costs remain elevated.

“It’s increasingly important to manage exposure to megacap stocks and AI concentration risk while also capturing differentiated upside opportunities,” said Ibrahim Kanan, BlackRock’s head of core U.S. equity.

Despite concerns about heavy spending and valuations, confidence in the broader AI theme remains strong. Only 7% of investors surveyed said they believe artificial intelligence represents a market bubble.