贝莱德扩大人工智能投资范围，超越早期科技领导者
核心要点
- The world's largest asset manager is rotating $300 billion in model portfolios away from AI pioneers toward companies actually putting the technology
The world's largest asset manager is rotating $300 billion in model portfolios away from AI pioneers toward companies actually putting the technology to work
For the past few years, investing in AI essentially meant betting on a short list of mega-cap tech companies building the picks and shovels. BlackRock is now making a formal argument that the next phase of the trade looks different.
这家全球最大的资产管理公司正在重组其管理着约 3000 亿美元资产的模型投资组合，以将人工智能风险从早期先驱者转移到正在采用或直接受益于人工智能技术的企业。此举还包括增加美国大盘股的总体配置，同时减少美国、发达市场和新兴市场的区域倾斜。
From infrastructure to application
时机是经过深思熟虑的。 2026 年第二季度收益报告显示，与人工智能基础设施相关的资本支出获得了积极回报，这让该公司有数据支持的信心，即人工智能支出正在转化为可衡量的业务成果，而不仅仅是资产负债表承诺。
首席执行官拉里·芬克(Larry Fink)在早期的沟通中就表明了这一方向，并指出，在考虑人工智能相关机会时，越来越多的投资者现在更喜欢能源和基础设施等行业，而不是大型科技股。 The numbers behind that preference are striking: only about 20% of clients in the Europe, Middle East, and Africa region identified the largest U.S. tech companies as their top AI investment opportunity.
What BlackRock is actually doing with the money
The portfolio restructuring has two main components.首先，该公司正在人工智能领域进行轮换，将资金从构建基础人工智能堆栈的公司转移到有时被称为人工智能采用者或受益者的地方。这些工业、能源、医疗保健和金融服务等行业的企业正在将人工智能融入其运营中，并开始显示出生产力和利润效益。
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Second, BlackRock is pulling back on the size of its regional tilts across U.S., developed, and emerging markets.
该公司预计，到 2030 年，全球与人工智能相关的资本支出可能会达到 5 万亿至 8 万亿美元。该公司正在做的事情是，随着周期的成熟，重新调整人工智能生态系统中的最佳风险调整回报预期。
Why this matters beyond BlackRock’s own book
When a firm managing this scale of assets repositions, it tends to move markets in the direction it’s pointing. BlackRock’s model portfolios serve as a template for thousands of financial advisors and institutional allocators. When the template changes, capital follows, often in size.
实际影响是，历史上与技术无关的行业中的公司，包括支持数据中心电力需求的电力公司、工业自动化公司和医疗保健技术公司，随着轮换的展开，机构资金流入可能会增加。