Investment in AI boosts global business confidence, according to Fidelity
7 MAY, 2026
By Joanna Piwko from RankiaPro Europe
The artificial intelligence (AI) is consolidating as the great engine of the new global economic cycle. This is reflected in the 'Analysts Survey 2026' by Fidelity International, prepared from more than 20,000 meetings held with companies around the world by more than 120 equity and fixed income analysts. The study concludes that business confidence has rebounded to levels close to the highs reached after the pandemic, driven mainly by the investment boom linked to the development of AI and its associated infrastructures.
However, the report also warns that the current macroeconomic environment is still marked by significant imbalances. The increase in the cost of raw materials, geopolitical tensions and wage moderation are increasing pressure on consumers and companies, shaping a global economy "in the shape of a K", where some sectors are advancing strongly while others face increasing difficulties.
AI extends its impact beyond large tech companies
One of the main messages of the study is that the boom in artificial intelligence is no longer limited exclusively to large technology platforms. According to Fidelity, spending on AI is generating a knock-on effect on multiple sectors linked to industrial, energy and materials supply chains.
Information technology appears as the main beneficiary of this investment cycle. Specifically, 81% of technology sector executives say they feel moderately or significantly more confident about the coming year. Optimism also reaches industries such as materials, where 65% of executives improve their outlook thanks to the growing demand for resources necessary for the construction of data centers and the increase in electrical capacity.
“Investment in AI is cascading through the power and industrial supply chains, extending the cycle beyond the largest technology platforms,” says Niamh Brodie-Machura, CIO of Equity at Fidelity International.
The report highlights that this process is reinforcing the revenue visibility of numerous companies for the coming years and favoring a sustained increase in global business investment.
Cost inflation threatens economic balance
Despite the renewed corporate optimism, Fidelity detects significant risks arising from the persistent increase in costs. Only 8% of analysts predict a reduction in inflationary pressures over the next twelve months, while nearly 40% anticipate further increases.
The industrial and materials sectors are the ones suffering the most from the impact of rising energy costs, raw materials, and trade frictions arising from the complex geopolitical context, especially after the intensification of the conflict in the Middle East and attacks on energy infrastructures.
In addition, the firm warns of a slowdown in wage growth, which could erode household purchasing power in an environment of rising costs. This deterioration particularly affects sectors linked to basic and discretionary consumption, where analysts identify increasing risks of demand and affordability.
An increasingly unequal economy
The Fidelity study concludes that the global economy is heading towards an increasingly fragmented scenario. While companies related to AI infrastructure enjoy better profit expectations and access to capital, other sectors more dependent on consumption or exposed to regulatory restrictions face greater difficulties.
Also, the healthcare sector is under pressure, given the possibility that increased defense spending by governments may end up limiting public budgets allocated to health.
“The investment context is favorable, but it is becoming more selective. Companies with pricing power, solid balance sheets, and exposure to AI are in a very different situation than those that depend on more pressured consumers,” explains Brodie-Machura.
In this scenario, Fidelity believes that active stock selection and fundamental analysis will become increasingly determinant in identifying the winners of a new economic cycle marked by artificial intelligence, but also by a growing divergence between sectors and regions.
