BlackRock Shifts AI Investment Focus to Physical Infrastructure

BlackRock is signaling a shift in the AI trade, moving its focus from traditional chip and software giants toward the physical infrastructure needed to support data centers. The firm suggests that the next phase of AI-driven value will be found in power plants, transmission networks, and cooling systems.

The asset manager estimates that 148 gigawatts of additional power capacity will be required by 2030 to meet data center demand. This represents a significant increase from the 42 gigawatts consumed in 2025, effectively requiring the construction of more than three times the current power footprint in five years.

Beyond electricity generation, BlackRock projects that global data center load will nearly double by 2030. This demand extends to fiber networks, grid interconnections, and the cooling infrastructure necessary to maintain server operations.

The shift is already reflected in institutional sentiment. Surveys of EMEA institutional investors conducted between January and September 2026 show that more than half favor energy companies fueling data centers as a primary AI investment theme, while 37% prefer infrastructure builders.

BlackRock is backing this outlook with capital, as a consortium backed by the firm is reportedly in discussions for a potential $20 to $25 billion acquisition of Stack Infrastructure’s data center portfolio in the Asia-Pacific region.

The firm views these physical assets as long-duration beneficiaries that may offer more stability than the quarterly earnings volatility often seen in semiconductor stocks. By June 2026, BlackRock had already identified energy and infrastructure bottlenecks as key investment opportunities outside of traditional tech sectors.