Beneath the gold rush: The uneven economy of AI

Artificial intelligence is attracting extraordinary investment, with Goldman Sachs forecasting $1tn in AI-related spending globally in 2026. But beyond the rush for computing power, data centres and technological dominance, a more complicated economic story is emerging.

AI promises to transform productivity, reshape labour markets and create new opportunities across industries. Yet it also raises fundamental questions about employment, geopolitical power and the physical resources needed to sustain its growth.

In EXANTE's latest special report, Beneath the gold rush, Global Head of Research Renée Friedman examines how AI is transforming three interconnected forces shaping the global economy, and what their convergence could mean for investors.

Three frontiers, one investment story

The labour frontier: Work, ageing and healthcare

Can AI deliver the productivity gains needed to offset ageing populations and labour shortages? And will it create more jobs than it displaces?

The land grab: Sovereignty, security and the AI stack

As governments compete for control of semiconductors, computing power and critical resources, the global AI economy is becoming an increasingly important arena for geopolitical competition.

Prospecting for gold: Energy, minerals and the climate cost

AI could accelerate the energy transition and support climate solutions. But its rapidly expanding infrastructure also places growing demands on electricity, water and critical minerals.

Across all three themes, the report examines where the opportunities may emerge, where the constraints remain and what investors should be watching as AI moves beyond the technology sector.

View the report