Liz Ann Sonders, chief investment strategist at Charles Schwab, said the AI infrastructure build-out is creating opportunities across the market beyond mega-cap technology stocks.
This shift suggests that the economic benefits of artificial intelligence are diversifying. As capital spending moves into supporting industries, the growth potential may spread to companies that do not develop the primary AI models but provide the essential physical and technical framework.
Speaking on CNBC’s “Closing Bell,” Sonders said the current trend is not limited to the traditional tech giants. The expansion of AI-related capital spending is now reaching into various sectors, offering a wider array of opportunities for investors who previously focused only on the largest technology firms [1].
The scale of this investment is significant. U.S. hyperscalers plan to spend $755 billion on AI capital expenditures in 2026 [4]. This targeted spending on high-scale computing and data infrastructure serves as a catalyst for a broader economic ripple effect.
Some analysts suggest the overall AI build-out is projected to reach $8 trillion [5]. This massive influx of capital indicates that the industry is moving from a theoretical phase into a heavy infrastructure phase, one that requires power, cooling, and physical construction.
Sonders said the build-out is benefiting a broader range of companies [1]. This diversification may reduce the market's reliance on a few dominant players and create a more resilient growth trajectory for the wider economy as AI integration becomes standard across different industries.
“The AI infrastructure build-out is creating opportunities across the market, not just for mega-cap technology stocks.”
The transition of AI investment from software development to physical infrastructure marks a critical phase in the technology's adoption. By shifting focus toward the 'picks and shovels' of the AI era—such as energy and hardware—the market is acknowledging that the software's success depends on a massive, tangible upgrade to global computing power.
