Investments in the development of artificial intelligence (AI) in the US are expected to reach record levels by 2026, according to forecasts from BlackRock. Analysts estimate that the total amount of investments by major technology companies in AI infrastructure could exceed $514 billion, which is three times more than three years ago. It is anticipated that the growth rate of capital expenditures will remain strong in 2027, with investments continuing to increase.
This is reported by Business • Media
AI as a Driver of the Global Economy
In its macro outlook, BlackRock emphasizes that AI-focused companies remain the primary drivers of revenue growth in the US, although some foreign markets are showing even better results. In particular, the impact of AI is already creating significant differentiation in company performance, making an active investment approach crucial. Analysts acknowledge that there are risks of volatility, but they view them as a “refreshing pause.”
“At this stage, we consider the spikes of anxiety surrounding AI as a refreshing pause.”
BlackRock notes that the current situation is markedly different from the dot-com bubble of the early 2000s, as modern AI companies are demonstrating real profits that justify their market capitalization, rather than relying solely on multiples.
Global Investments and Impact on Various Markets
In addition to the US, significant potential for AI development is also observed in other regions. In Europe, the focus is on investments in equipment and infrastructure for data centers, while in emerging markets, AI could become a driver of change through reduced rates and transformed supply chains. Japan is expected to benefit from corporate transformations and the return of inflation, which enhances business profitability.
In 2025, US President Donald Trump announced a large-scale Stargate project involving companies such as OpenAI, Softbank, and Oracle, with investment amounts reaching $500 billion, aimed at developing national AI infrastructure. Additionally, in 2025, major partnerships were announced: Nvidia and OpenAI plan to invest $100 billion in joint projects, Meta and CoreWeave signed a $14 billion contract, and Nokia committed to $4 billion in investments in AI infrastructure in the US.
According to BlackRock, the share of AI spending in the US GDP is rapidly increasing. In the second quarter of 2025, AI accounted for about 35% of the country’s GDP growth, and in the second half of the year, this figure could exceed 50%. Meanwhile, the share of AI in the overall market capitalization of the US stock market has been rising since the spread of ChatGPT at the end of 2022.
Despite concerns about a potential “overheating,” BlackRock is confident that the market can support significant capital expenditures on AI. According to analysts, the history of infrastructure investment development proves that large investments pay off in the long term.
Initial evidence of the practical effects of AI application in business is also emerging. JPMorgan CEO Jamie Dimon noted an annual benefit from AI investments of $2.5 billion, while Citigroup CEO Jane Fraser stated:
“AI tools free up about 100,000 hours of development each week.”
BlackRock also emphasizes that in 2026, artificial intelligence will be a key factor for markets, but its impact is becoming increasingly complex and ambiguous. In such conditions, active asset selection and flexibility remain critically important, as well as a deep understanding of how AI is changing the economy and financial models.
