BlackRock, the world's largest asset manager, stated on Tuesday that it continues to see investment potential in artificial intelligence for the coming year but will target wider opportunities.
According to its Investment Directions report, which referenced a recent investor survey, those aiming to invest in AI through 2026 prefer energy and infrastructure companies over major Wall Street technology firms.
The survey indicated that while AI and big tech led market and global equity returns in 2025, concerns have emerged about uncertain capital returns and increased borrowing costs as companies like Microsoft, Meta, and Alphabet invest trillions in new data centers, prompting investors to seek alternative options.
In the survey of 732 client companies in the EMEA region, just one-fifth considered the largest U.S. tech groups the most attractive AI investment opportunity.
Over half of respondents supported providers of power for data centers, and 37% selected infrastructure as their primary AI investment choice.
"It’s increasingly important to risk-manage megacap and AI exposure while also capturing differentiated upside opportunities," said Ibrahim Kanan, BlackRock's head of core U.S. equity, in a report accompanying the survey data.
Only 7% of those surveyed believed the AI theme represented a market bubble.