BlackRock’s new global outlook argues that artificial intelligence will shape the entire macro environment in 2026 as the U.S. enters a capital-intensive AI regime. The firm expects trillions in global AI capex through 2030, saying this front-loaded investment can keep economic growth steady even as hiring slows and traditional cycle signals soften. BlackRock warned that early spending paired with delayed revenues raises leverage, rate sensitivity, and pricing pressures, and said the AI buildout may exceed past tech revolutions in scale. The firm remains overweight U.S. equities and AI, noting that most portfolios are still underexposed and shifting away from AI or megacaps is now an active, not neutral, decision.
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