BlackRock Warns AI Capex Is Turning Micro Into Macro for Markets
BlackRock warns AI capital spending is now a primary driver of the global market, shifting focus from micro to macro forces.Summary
BlackRock Investment Institute has alerted investors that company-level Artificial Intelligence capital expenditure (capex) is now significantly influencing the entire macroeconomic market. This shift, termed 'micro is macro,' suggests that spending by a few major firms on AI infrastructure is becoming as impactful as traditional macro drivers like central bank policy. BlackRock estimates AI infrastructure investment could reach $5 trillion to $8 trillion this decade, with the 'Magnificent Seven' companies already showing substantial earnings growth driven by AI. This trend is seen as a dominant force behind recent US equity gains and could potentially lift US growth above 2%. The report also notes persistent inflation pressures, exacerbated by energy risks, and suggests that traditional hedges like long-term Treasuries may offer less portfolio ballast. Consequently, capital is being diverted from risk assets to AI capex and energy security, necessitating diversification through private markets and hedge funds. The key question for the remainder of 2026 is whether AI capex will sustain its growth premium or begin to displace other assets.
(Source：BeInCrypto)