AI continues as core focus of thematic funds in 2026, says BlackRock

AI remains the dominant growth engine, but the narrative is shifting from user adoption to depth of usage.

As the report states, “We have yet to scratch the surface on much of AI’s potential, especially at the intersection of ‘compute and conflict’.” Token consumption — described as the fuel behind AI — is accelerating as models evolve beyond basic chat into reasoning, robotics, and autonomous systems. This surge in compute demand ties AI’s expansion directly to power infrastructure and national security priorities.

Defense spending emerges as a parallel and underrecognized theme. While AI-related construction represents roughly 1% of U.S. GDP, global military spending is substantially higher yet commands less investor focus.

The 2026 defense budget highlights rapid growth in space-based systems, computing, and intelligence capabilities. Defense technology is shifting toward digital, autonomous, and cyber platforms, opening new thematic investment pathways beyond traditional contractors.

Infrastructure is positioned as the bridge between economic ambition and physical capacity. Global infrastructure investment is projected to surpass $100 trillion by 2040 across transportation, energy, digital networks, and defense.