Global investment firm BlackRock has adopted a “pro-risk and overweight” stance towards U.S. equities, buoyed by the accelerating growth of artificial intelligence (AI) and the emergence of stablecoins, according to its 2026 outlook report. As the financial landscape evolves, the firm identifies these factors as pivotal in shaping market trends in the coming years.
BlackRock highlights a series of “mega forces,” significant structural changes that are influencing both current investments and future market dynamics. Topping the list is AI, which the firm emphasizes as the dominant trend poised to reshape the global economy leading into 2026.
“With a few mega forces driving markets, it is hard to avoid making a big call on their direction – and as such, there is no neutral stance, not even exposure to broad indexes,” the report states. This philosophy underscores BlackRock’s assertion that the AI theme will remain a primary catalyst for U.S. equities. “We remain pro-risk and see the AI theme still the main driver of U.S. equities,” the report continues. BlackRock suggests that this environment is particularly favorable for active investing, encouraging investors to identify potential winners and losers among AI innovators.
In addition to AI, the firm is closely monitoring the role of stablecoins in what it describes as the “future of finance.” BlackRock’s Global Head of Market Development, Samara Cohen, remarked that stablecoins are evolving from a niche market to a crucial link between traditional finance and digital liquidity. This transition signifies a shift in how households and companies manage cash, borrow, transact, and seek returns, now encompassing cryptocurrencies and stablecoins.
The total market capitalization of stablecoins has surged by over $100 billion since last year, reaching more than $307 billion, according to data from DefiLlama. Major players like Tether’s USDT and Circle’s USDC are currently leading this market. However, forecasts from Myriad’s prediction market reflect skepticism about the market cap escalating to $360 billion by February, indicating cautious optimism among analysts.
BlackRock anticipates that the influence of stablecoins will extend beyond traditional banking systems, potentially facilitating cross-border payments and serving as viable alternatives to local currencies in emerging markets. The firm also points out other significant themes, including the fragmentation of AI and defense systems, as well as growing energy constraints essential for AI development.
As the firm looks toward the next six to twelve months, it remains committed to investing in AI, backed by strong earnings figures and robust balance sheets. “We stay overweight U.S. stocks on the broadening AI theme, with risk appetite supported by Fed rate cuts,” the report states, suggesting that investors may find fertile ground as AI technologies continue to proliferate.
Overall, BlackRock’s outlook underscores a transformative period ahead for financial markets, driven by technological advancements and evolving financial instruments. As the landscape shifts, investors will need to adapt their strategies to capitalize on these opportunities while navigating the complexities of a rapidly changing environment.
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