The topic of AI will dominate in 2026, says BlackRock. Which stocks is it betting on?

US investment company BlackRock, the world's largest, predicts that artificial intelligence technologies will remain the main driving force in financial markets in 2026. At the same time, investors should prepare for high volatility: speculative trading and the creditworthiness of the AI industry increase the risk of sell-offs. In these conditions, BlackRock is betting on European energy companies, which are making money on the data center boom.

AI investment returns will continue to rise in 2026, said BlackRock's EMEA fundamental equity investment director Helen Jewell. "Do I expect an uptrend in returns from the growth of AI? Yes, it's incredible capital expenditure by companies with incredible cachet stocks," Jewell told Reuters on the sidelines of a conference in London.

But this growth will be fraught with turbulence, Jewell warned. The key reasons for possible market fluctuations, she called the crowd effect and the game of debt: hedge funds are investing in the same assets, using almost record amounts of borrowed funds. This poses a threat of a repeat of the November pullback caused by doubts about the payback of new data centers, the agency notes.

Jewell said BlackRock is building positions in European energy holdings such as Siemens Energy as the AI boom and rapid construction of new data centers spur demand for power plants, grid technology and clean energy.

BlackRock's view on another popular sector - defense - remains positive, but is no longer as optimistic as it was in early 2025. In November, the index of defense and aerospace stocks in Europe fell 8%, showing the worst performance since June 2024 amid discussions of a possible peace agreement between Ukraine and Russia.

This article was AI-translated and verified by a human editor