AI Exposure | Implications Across Asset Classes

May 2026

Institutional investors have become increasingly focused on concentration in their public equity portfolios, particularly among diversified US technology companies (e.g., the “Magnificent Seven”). While some investors may regard this concentration as simple company-specific risk, others are looking at this phenomenon as one channel of what has become a cross-asset driver: artificial intelligence (“AI”). A recent survey of 800 institutions found that 63% identified artificial intelligence as the single biggest megatrend influencing their investment decisions over the next five years. This exposure to AI that is prevalent in the US stock market also appears, through different mechanisms, in private equity, private credit, real estate, infrastructure, and fixed income. A driver that large, propagating through that many asset classes, is worth understanding at a scale that matches its reach.