New World Investment Research

Spending on data centers has surged for years. While the pace has eased somewhat, growth remains robust, especially when set against other building categories, where construction activity has slowed since 2023 and turned negative throughout 2025.

This raises the risk of increasing concentration around the AI ecosystem, with a growing share of investment and job creation tied to a single sector. Such concentration can make the economy more vulnerable to shifts in sentiment or capital spending cycles. Perhaps, in 2026, this may encourage investors to diversify away from a highly concentrated US equity market toward commodities and emerging markets.