Artificial Intelligence: Opportunity, Risk, And A Question Bigger Than Markets

AI has moved from research lab to the centre of global capital allocation faster than almost any technology before it. Goldman Sachs Research projects worldwide AI-related investment will exceed $1 trillion in 2026, with about $581 billion of that in the US alone. At 2-5% of GDP, this peak intensity is comparable to prior general-purpose technology buildouts — railways, electrification, the internet — though compressed into a far shorter timeframe.

Where the opportunity lies

The clearest opportunity is infrastructure: chipmakers, power and grid companies, and data-centre suppliers behind AI’s physical build-out. A second lies in software and services companies genuinely embedding AI and showing measurable productivity gains, rather than simply attaching the label. A third is second-order: healthcare, logistics, and financial services benefiting from AI-driven efficiency without being “AI plays” themselves. For cross-border clients, diversified