AI’s Spending Cycle Is Accelerating

BlackRock Investment Institute says the AI buildout is evolving into a “supercharged mega force,” with stronger revenues and rising capex reinforcing a pro-risk stance on equities. 

• Consensus estimates for hyperscaler capex from 2026–2030 have risen by more than 25% since October, with some years up over 30%.
• BlackRock remains overweight U.S. and EM equities, citing AI earnings momentum and infrastructure demand.
• They see opportunities in semiconductors, power generation, and data-center assets, regardless of which AI platforms ultimately win.
• U.S. energy advantages and capital-market depth are viewed as strategic edges over Europe.

Is AI enthusiasm overdone—or still underestimating the scale of the buildout? BlackRock clearly leans toward the latter.