Why are investors turning from big tech to energy and infrastructure for AI opportunities in 2026?
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| AI investment in 2026 is moving beyond tech giants, with energy and infrastructure providers attracting the most investor attention, says BlackRock. Image: CH |
Tech Desk — January 13, 2026
Investors looking to capitalize on artificial intelligence in 2026 are broadening their focus beyond the headline-grabbing tech giants. According to BlackRock’s latest Investment Directions report, while AI remains a major theme, market participants are increasingly favoring energy and infrastructure providers that support AI operations, rather than Microsoft, Meta, or Alphabet directly.
The survey, which covered 732 companies in the EMEA region, found that only about 20% of investors saw the largest U.S. tech firms as the most compelling AI plays. By contrast, over half favored companies providing the electricity powering data centers, and 37% prioritized broader infrastructure, such as cloud and network operators. This suggests a shift from investing in AI applications themselves to betting on the essential systems enabling AI at scale.
The trend reflects growing investor caution around the massive multitrillion-dollar data center expansions undertaken by big tech firms. While necessary to support AI growth, these projects raise concerns about high capital expenditures and rising debt levels. Investors appear to be seeking exposure to AI growth while mitigating risks associated with concentrated positions in highly valued megacap tech companies.
Ibrahim Kanan, BlackRock’s head of core U.S. equity, emphasized the importance of balancing opportunity and risk. “It’s increasingly important to risk-manage megacap and AI exposure while also capturing differentiated upside opportunities,” he noted.
Interestingly, investor sentiment does not suggest fear of an AI bubble. Only 7% of respondents believed AI represents a market bubble, signaling confidence in long-term growth prospects — just not necessarily in the most visible tech names.
This evolving focus highlights a maturing AI investment landscape. As AI becomes a system-dependent industrial force, companies powering the AI backbone — from energy suppliers to data center operators — are emerging as potentially more stable and risk-adjusted investment opportunities than the megacap tech firms that dominate headlines.
For 2026, the AI story is expanding: success will not only be measured by algorithms and applications but also by the infrastructure and energy networks enabling large-scale AI deployment. Investors are increasingly looking beyond the obvious players to find growth in the foundations that make AI possible.
The takeaway: AI remains a powerful investment theme, but in 2026, energy and infrastructure may offer smarter, more resilient ways to participate in the AI revolution.