Even amidst evolving macroeconomic and geopolitical headwinds, the **Artificial Intelligence (AI) supercycle** continues to be the dominant narrative defining global equities in 2026.
### Record CapEx Driving Growth
J.P. Morgan Global Research notes that double-digit gains in both developed and emerging markets are heavily attributed to the ongoing rapid ascent of AI infrastructure. Major hyperscalers and enterprises are stimulating **record capital expenditure (CapEx)**, feeding directly into explosive tech earnings.
### Beyond Just Semiconductors
While semiconductors and chip manufacturers (particularly in Asia and the U.S.) were the initial beneficiaries, the trend in 2026 is broadening:
* **Energy Infrastructure:** AI data centers are enormously power-hungry, putting a massive premium on energy grids and transition tech.
* **Cybersecurity:** As AI accelerates cyber conflict capabilities, national security and digital infrastructure are receiving unprecedented subsidies.
* **Software & Services:** The deployment phase of AI is now seeing tangible productivity gains across conventional industries.
In 2026, investing in AI means looking past the chip designers and focusing on the underlying infrastructure that powers this generational shift.
*Sources: [J.P. Morgan](https://www.jpmorgan.com), [Morgan Stanley](https://www.morganstanley.com)*
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