AI Is Becoming an Infrastructure Story
Artificial intelligence may be the most visible technology story of our time, but the bigger investment story could be everything required to power it.
McKinsey’s 2026 Technology Trends Outlook examines 14 technologies reshaping the economy. Its central theme is striking: AI is accelerating innovation across industries, while energy, computing capacity and physical infrastructure are increasingly becoming the constraints.
Consider the scale. U.S. data centres running AI workloads alone could consume as much electricity by 2030 as California does today, while more than 2,500 gigawatts of proposed energy projects are waiting in grid queues globally.
AI is also moving beyond chatbots. McKinsey highlights agentic AI, which can plan and execute multi-step tasks, alongside robotics, autonomous vehicles and “physical AI.” Yet adoption doesn't automatically translate into profits: while 89% of organizations reportedly use AI in at least one business function, only 37% report a positive earnings impact.
Think Further
For investors, the opportunity may extend beyond the obvious AI leaders. Power generation, electrical grids, data centres, semiconductors, cybersecurity and automation could all benefit from the infrastructure build-out required to support AI.
The lesson? Don't just follow the technology. Follow the capital, infrastructure and bottlenecks that make it possible. "Don't chase the Gold chase the picks and shovels"
Source: McKinsey & Company, Technology Trends Outlook 2026, September 2026.
Disclaimer: This material is provided for general informational and educational purposes only and does not constitute investment, financial, tax or legal advice, or a recommendation to buy, sell or hold any security or investment. Investment decisions should be based on your individual objectives, financial circumstances and risk tolerance. All investments involve risk, including the possible loss of principal.
The table below reflects trend signals published by Hedgeye Risk Management as of September 17, 2026.
These signals are one input among many considered by our investment team and may not align with positioning in any client portfolio. Individual securities and commodities referenced may not be suitable for any particular investor. Clients should not act on this information without consulting their portfolio manager.
Tactical Trend Changes📈
Technical trends are analytical observations and do not guarantee future results
Natural Gas…..Bearish to Bullish
China…………..Neutral to Bearish
Silver…………..Neutral to Bearish
Nasdaq………..Neutral to Bullish
Bullish: a view that the price of a security or market may rise, subject to significant uncertainty and risk of loss.Bearish: a view that the price may fall, subject to significant uncertainty and risk of loss.Neutral: a view that the price may remain relatively stable. These terms reflect third-party and/or general market views and are not recommendations or predictions.