Key Points
- BlackRock says investors favor energy and infrastructure providers over big U.S. tech firms for AI-linked investments in 2026.
- Only about 20% of surveyed clients see big tech as the top AI investment choice, while 50% prefer energy stocks and 37% choose infrastructure.
- Confidence in AI’s growth remains strong, with only a small minority viewing it as a bubble, driving diversified investment strategies.
Investors are shifting their focus away from big U.S. tech giants when it comes to placing bets on the artificial intelligence theme in 2026, according to BlackRock, the world’s largest asset manager. In its latest Investment Directions report, BlackRock said client sentiment now favors energy providers and infrastructure companies as vehicles for participating in AI-related growth. That change reflects concerns over the sustainability of returns and the rising costs tied to massive data center build-outs by big tech firms.
The shift comes despite strong performance from AI and technology stocks in 2025. BlackRock’s investor survey of 732 clients in the Europe, Middle East and Africa (EMEA) region found only about 20% view large U.S. technology companies as the most attractive AI investment for the coming year. In contrast, more than half of respondents preferred energy stocks, while 37% said infrastructure opportunities appeal most for exposure to the AI theme.
BlackRock officials said part of the reasoning stems from increasingly capital-intensive demands associated with AI infrastructure, such as building and powering data centers. Higher borrowing costs and the substantial spending required for compute and power resources have prompted some investors to look for alternative ways to participate in the AI boom. Energy companies and infrastructure providers may benefit from this trend as AI-related demand for power and connectivity grows.
Despite the shift, confidence in AI’s growth potential remains strong. Only 7% of investors in the survey said they believe AI risks forming a market bubble, underscoring belief in AI’s long-term relevance even as preferences change. BlackRock’s strategy highlights a broader trend of diversification among investors, who are increasingly balancing the allure of AI with concerns about valuation and capital requirements in big tech sectors.
Market analysts note that energy providers could see indirect benefits from the AI build-out as data centers and computing infrastructure expand worldwide, driving up demand for reliable power sources. Infrastructure firms and utilities may enjoy steady growth from these investments as AI deployments scale. Such trends reflect a more value-oriented investment approach emerging as the AI market matures and capital expenditure priorities evolve.
BlackRock’s outlook suggests that while technology and AI remain dominant investment themes, the way investors choose to access AI-related growth is shifting. Broader portfolios that blend traditional tech with energy, utilities and infrastructure may become normal as markets adjust to long-term requirements for compute, energy and data networks.
