Bloomberg Surveillance · Wednesday, September 9, 2026
Omar Aguilar notes that AI investment is entering its third phase, moving beyond hyperscalers and infrastructure to focus on the users of AI across various industries. He highlights that sectors like financials, healthcare, and industrials are now deploying capital to leverage AI for efficiency and competitiveness. Aguilar remains constructive on equities, advising diversification away from mega-cap tech and emphasizing discipline.
“Yeah, so, and I know we talked about this before, and I know you have talked to other guests before, you know, the AI, you know, wave is going into the third phase? So we started with the hyperscalers? So that was like the big first part of the capital expenditure cycle going into the hyperscalers. Then it moved to the second phase, which was more like the infrastructure to support those hyperscalers. And that was the big momentum trade on semiconductors.”
“And then from there, we're now going through the users of AI, which is all the capital that is being deployed to use all versions of AI, agentic AI moving into other industries and other sectors that is also raising money and spending. Maybe not at the big headline that we see with the hyperscalers, but we see industries like financials, healthcare, industrials, they're basically now adopting AI and investing in AI to reduce costs, to make it more efficient, more productive, and also to just, you know, be more competitive.”
“And that way, it basically provides a big tailwind for that AI trade to continue. So we are, you know, very constructive on equities. You know, we think people need to be invested. That's probably the number one thing. They need to be disciplined. And they need to continue to have that rotation diversification away from just their large cap, mega cap tech names.”