4-6-26 AI: How To Invest in the Next Industrial Revolution - Brian Dunlap Interview

The AI revolution isn't a fad—it's the next industrial transformation, and investors who understand its adoption cycle stand to gain significantly. Brian Dunlap of BlackRock argues that we're still in the early 'infrastructure build' phase of AI, where massive capital expenditure on data centers, chips, power, and cooling is creating a new kind of factory economy. These aren't just buildings—they're revenue-generating assets that will produce value for years. While short-term market corrections and concerns about debt and 'circular financing' have sparked fear, Dunlap counters that these are normal phases in any technological revolution, not signs of collapse. The real opportunity lies not in chasing flashy AI stocks today, but in investing in the physical backbone of AI—companies building the data centers, power grids, and cooling systems—before the next phase of enterprise and consumer adoption begins. The future of AI isn't about replacing jobs; it's about creating entirely new industries, just like the internet did. And the companies that master monetization—like those using token-based pricing instead of per-seat licensing—will lead the next wave of growth. Key to success is recognizing that AI’s value isn’t in hype, but in execution. The most promising investments today are in infrastructure, not just the AI models themselves. BlackRock’s BAI and IDGT ETFs offer structured access to this value chain.