BlackRock 2026 Outlook Predicts Continued AI Infrastructure Boom

The investment firm BlackRock released its 2026 Thematic Outlook, asserting that the current artificial intelligence infrastructure boom is in its early stages. Jay Jacobs, the firm's U.S. Head of Equity ETFs, argues that AI capital expenditure remains low when compared to historical transformational shifts like the expansion of electricity and railroads.

Jacobs highlights a significant supply-demand gap, noting that token consumption grew 17 times last year. This trend suggests that corporate under-investment may be occurring because AI demand is currently outstripping available compute supply. He describes the current build-out as less speculative than previous cycles because the compute being developed is being monetized almost instantaneously.

The outlook further emphasizes the use of thematic ETFs to gain exposure to agentic AI, physical robotics, and real-world asset tokenization. Beyond AI, BlackRock reports rapid growth in the iShares Bitcoin Trust, which exceeded $70 billion in assets under management within 341 trading days. The firm attributes this growth to increased demand for digital assets as hedges against inflation and geopolitical uncertainty.