$6 trillion is heading into AI infrastructure by 2030, and the "diversified" index you own is quietly turning into one big bet.

BlackRock's Q2 2026 outlook, 28 charts:
— seven hyperscalers push annual capex toward ~$800B by 2030; total AI capex just under $6T across 2025-2030
— one hidden driver now explains ~12% of daily S&P 500 moves, double the 2015 level
— stock-bond correlation stayed positive since the pandemic, so long Treasuries no longer cushion an equity selloff

The diversification chart is the one to pin up: everyone "diversifies" by buying the index, and that index is increasingly one position on one force. For anyone raising, the report maps where the money sits, private credit and infrastructure, not the model labs.

(PDF, 0.9 MB)

https://www.blackrock.com/corporate/literature/whitepaper/bii-global-outlook-in-charts.pdf