Concerns over capital
More than half of the respondents to BlackRock’s survey indicated that they consider data centre energy to be a worthwhile investment, while 37% prefer energy infrastructure over big tech as an opportunity.
This shift reflects a growing unease about the capital-intensive nature of AI development. Gartner put a figure to that capital in late 2025, estimating that around US$1.5tn was invested in AI across the year.
With so much money directed towards so few companies, firms are looking to spread their investments wider to lower their risk.
Higher borrowing costs have also sparked concerns about uncertain returns on the massive capital expenditure required for AI infrastructure.
“It’s increasingly important to risk-manage megacap and AI exposure while also capturing differentiated upside opportunities,” says Ibrahim Kanan, BlackRock’s Head of Core US Equity.
The shift in sentiment comes as data centre operators face spiralling electricity costs and questions about the profitability of their investments.