How are investors playing the surge in AI capex?
We surveyed hundreds of global allocators across 2025 and 2026 to map the emerging AI investment framework. The shift is clear and measurable.
The Shift
AI is no longer an emerging opportunity. It is now central to how portfolios are constructed.
- 2025: 54% of allocators reported investing in AI-related assets
- 2026: 83% cite the AI supercycle as a top investing theme
This is not incremental adoption. It is a structural change in allocator thinking.
Where Capital Is Going
Allocators are not chasing the most visible parts of AI. They are targeting the buildout.
- 2025: 44% identify AI infrastructure as the top opportunity
- 2026: Focus areas include data centers, semiconductors, and energy capacity
Recent earnings reinforce this view. Large-cap tech firms are committing significant capital to AI infrastructure, validating that the investment cycle is already underway.
Where Risk Is Building
Conviction is high, but so is caution.
- 2025: 59% cite valuation bubbles as the top AI-related risk
Allocators broadly agree on the long-term importance of AI, but remain disciplined on entry points and pricing.
What This Means
AI has moved from a tactical allocation to a core investment lens.
Three dynamics define the current environment:
- 2025: High conviction in the long-term theme
- 2026: Targeted exposure across the value chain
- 2026: Increasing selectivity driven by valuation concerns
This is not a retreat from AI. It is a shift toward more disciplined implementation.
Bottom Line
Allocators believe in the AI supercycle.
The question is no longer whether to invest. It is where to gain exposure and how much to pay for it.
