Artificial intelligence has turned into the market’s defining story, but the most powerful money manager on the planet is telling clients that the real opportunity now lies beyond the usual mega-cap tech names. BlackRock is arguing that the AI buildout is reshaping entire sectors, from power grids to robotics, and that investors who stay fixated on a handful of platform companies risk missing the broader wave. The message is clear: the next leg of AI returns may come from the companies supplying the infrastructure, tools and data that make the headline systems possible.
That shift in emphasis is not theoretical. BlackRock is pairing its research with concrete portfolio moves and a detailed view of how AI spending will ripple through earnings, leverage and market leadership. I see a throughline in its commentary, transactions and sector calls that points to a more complex AI ecosystem, where energy providers, “pick and shovel” suppliers and even smaller specialists like BigBear.ai and Serve Robotis sit alongside the familiar giants.
BlackRock’s AI thesis: from mega-cap dominance to system-wide buildout
BlackRock’s starting point is that AI is no longer a niche theme but a structural force that could help the global economy break out of its sluggish post‑crisis growth pattern. In its 2026 outlook, the firm describes how AI’s buildout is dominated by a handful of companies spending at a scale large enough to make a “growth breakout” conceivable, with Dec and Pushing used to frame that shift in its own materials, and it argues that this investment could finally push output beyond the low‑trend environment of the past decade. That view rests on the idea that the capital pouring into data centers, chips and software is not just boosting tech earnings, it is also laying the groundwork for productivity gains across industries that adopt AI tools.
At the same time, BlackRock stresses that this transformation is changing the entire investment environment rather than simply extending the old big‑tech trade. In the same 2026 analysis, it highlights how the spend needed for artificial intelligence is contributing to higher leverage across the system and a new pattern of winners and losers, with Dec, All and Among used to flag those core features in its own framing of the outlook. I read that as a warning that investors need to think in terms of balance‑sheet resilience, sector exposure and policy risk, not just which AI model is most advanced.
Follow the money: energy, infrastructure and “pick and shovel” suppliers
One of the clearest signals from BlackRock is that the AI story is migrating into the real economy’s plumbing, especially energy and infrastructure. The firm has told clients that Investors seeking to play the AI theme into 2026 are increasingly backing energy providers and infrastructure operators over Wall Street big tech, arguing that the power and connectivity demands of large models will drive earnings for utilities, grid operators and related assets rather than only for platform companies, a view it set out in detail for Investors. That tilt reflects a simple reality: every new wave of AI capacity needs electricity, cooling, fiber and physical sites, and those costs are showing up in the cash flows of companies far from Silicon Valley.
BlackRock’s thematic work on digital disruption goes further, estimating that investment in data, computing power and networks to support AI will be enormous and will likely trigger an initial spike in energy demand that benefits the providers of that capacity. In its analysis of artificial intelligence as a “mega force,” it describes how Digital technologies and AI are driving heavy investment in infrastructure, with a particular focus on the data and power requirements that underpin training and inference, and it notes that this spending could reshape capital allocation across sectors as companies race to keep up with the new baseline. For investors, I see that as an invitation to look closely at utilities, grid‑equipment makers and specialized real‑estate owners that can capture those flows.
From chips to cables: “pick and shovel” winners in the AI gold rush
Beyond energy, BlackRock is explicit that the companies supplying the tools and components of AI systems are likely to remain structural winners. Ben Powell, who serves as chief investment strategist for APAC at the firm, has argued that the wave of capital pouring into artificial intelligence is still favoring “pick and shovel” suppliers, the chipmakers, hardware vendors and infrastructure specialists that sell into the AI buildout regardless of which model or platform dominates, a point he made when describing how that spending spree is unfolding in Ben Powell. His argument is that, just as in past technology booms, the sellers of essential equipment and inputs can enjoy durable demand even if end‑user applications shift over time.
That logic is visible in broader market conversations about AI stocks, where lists of leading names still feature hardware and infrastructure players alongside software platforms. A recent rundown of seven AI stocks to buy in 2026, for example, highlights how companies tied to the S&P 500 and NASDAQ continue to benefit from AI demand, while also flagging specific tickers such as MRNA, SMCI, RBLX and THH as part of the opportunity set, and it notes that the benchmark figure of 500 remains central to how investors frame index exposure, as seen in Jan. I see BlackRock’s emphasis on suppliers as a way of systematizing that instinct, encouraging clients to think in terms of value chains rather than just brand names.
Beyond the giants: BlackRock’s bets on smaller AI specialists
BlackRock is not only talking about diversification within AI, it is also putting capital to work in smaller, more speculative names that sit outside the mega‑cap club. The firm has backed two niche AI players, BigBear.ai and Serve Robotis, by building positions in BigBear.ai Holdings, Inc., which trades on the NYSE under the ticker BBAI, and Serve Robotis, which is listed on NASDAQ with the symbol SERV, a move that underscores its willingness to look beyond the obvious winners, as detailed in NYSE. Those holdings show that, in BlackRock’s view, specialized software and robotics firms can offer leveraged exposure to AI adoption in sectors like logistics, defense and industrial automation.
These smaller bets sit alongside a broader market backdrop in which AI‑linked names are constantly being reassessed as deals are announced and earnings estimates shift. Recent analysis of AI‑related transactions and analyst revisions has highlighted how Trending Tickers such as CRM, Salesforce, Inc and SMCI are being repriced as investors digest new information about demand for AI‑enabled products and services, with bullish and bearish takeaways emerging from the same set of developments, as captured in Jan. I read BlackRock’s willingness to own both large and small AI names as a recognition that the ecosystem is still fluid, and that exposure needs to be spread across different parts of the stack rather than concentrated in a single cohort.
AI, earnings and the next phase of market leadership
Underpinning all of this is BlackRock’s conviction that AI will increasingly show up in corporate earnings, not just in investor presentations. In its commentary on U.S. profits, the firm says it is closely watching earnings for evidence of AI‑related productivity gains and for new profit pools forming around AI‑enabled products and services, and it notes that Our bottom line is that these dynamics could broaden the strength of the market beyond a narrow group of leaders, as set out in Our. That focus on measurable productivity is important, because it suggests BlackRock is looking for hard evidence that AI is improving margins, not just driving hype.
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