2026 Midyear Global Outlook

BlackRock's 2026 Midyear Outlook argues that persistent supply constraints define a new regime of scarcity, requiring investors to shift from static asset-class allocations to thematic, active strategies focused on energy security and AI infrastructure.

Key Takeaways

• 1.The world has shifted to a regime of scarcity, driven by constraints on labor, energy, and infrastructure, which necessitates a portfolio rethink.
• 2.Investors face 'polyfurcated' macro outcomes, where traditional static asset allocation is less effective and requires more granular, thematic implementation.
• 3.AI investment should focus on 'bottleneck' opportunities like power, grids, and chips rather than attempting to pick individual model winners.

Table of Contents

• Introduction
• Summary
• Setting the scene
• Themes
• Forum focus
• Investment views

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