The winners of the artificial‑intelligence race will largely be U.S. equities, with only a few Chinese names standing out, according to BlackRock’s Investment Institute. In a new report, the firm reiterated its neutral stance on Chinese stocks while maintaining an overweight view on U.S. компанияй. “China has advantages in parts of the manufacturing and battery production value chain, but manufacturing strength alone does not guarantee attractive equity returns,” the report said, underscoring a preference for active investing over blanket regional exposure.
The Nasdaq Composite has risen just over 12 % this year, whereas China’s ChiNext index, comprising mainland‑traded shares, has surged more than 20 %. Yet the MSCI China index has plunged over 10 %, while major U.S. indexes have gained more than 10 %. Beijing has rolled out policies to support domestic AI amid U.S. restrictions on advanced technologies, and to spur usage across industries. Against slower growth and intense competition, profitability prospects remain uncertain. “Cheap, open‑source AI could drive adoption, but that doesn’t necessarily translate into AI‑provider profitability,” the report added.
The analysts stress opportunities in “physical AI,” embedding the technology in hardware such as robotics. This stock‑specific approach diverges from expectations that the surge in Korean and Taiwanese markets—dominated by chip giants—would spill into China more broadly. Last month, Invesco Global Market Strategist for Asia Pacific David Chao told reporters that he expects more foreign investors to focus on earnings and export growth in Chinese technology companies. He also noted that Latin American pension funds already show growing interest in China’s tech sector.
While global investors question whether AI itself is a bubble, BlackRock sees value in companies exposed to scarce industry inputs—such as infrastructure plays from China to Latin America. The U.S. remains the favorite, as the firm believes many “true AI winners” मौसम emerging from the U.S. given its leadership in chips, frontier AI models, and deep capital markets.
