25 November 2025 3 minute read
Author

It's not just the Magnificent Seven who have been benefitting from the AI investment boom.

Data centres are at the epicentre of the huge investment in artificial intelligence (AI). 

To gauge the scale of this trend, Figure 1 compares the performance of the AI Data Centres & Power Index with the S&P 500 broad US equity index and the Magnificent Seven (Alphabet, Apple, Amazon, Meta, Microsoft, Nvidia, and Tesla).

Figure 1: Performance of AI Data Centres & Power Index versus S&P 500 and Magnificent Seven performance, year-to-date (per cent)

Past performance is not a reliable indicator of future performance. For illustrative purposes only.

Source: Aviva Investors, Bloomberg, Goldman Sachs. Data as of November 14, 2025.

The AI Data Centres & Power Index has surged 41 per cent this year, outpacing the Magnificent Seven’s 25 per cent gain.

Since 2023, $200-300 billion has been invested in AI – around one per cent of US GDP. This figure could reach $400-500 billion by 2026. Much of this spending is going towards the construction of data centres, of which there are now 11,800 globally.

It’s also having profound ripple effects along the supply chain. For example, electricity demand is soaring as these data centres (also known as ‘hyperscale’ facilities) need a lot of power. According to the International Energy Agency, data centres will consume as much electricity by 2026 as Japan, a country of 125 million people. 

For investors, the opportunity is about more than just AI software and semiconductors. Sectors including utilities, renewable energy and real estate all stand to benefit. Given the scale of this investment cycle, they could remain winners of the AI boom for years to come. 

Discover our multi-asset & multi-strategy solutions

With over four decades of managing multi-asset and multi-strategy portfolios, we offer bespoke and off-the-shelf actively managed solutions.

Find out more
Multi-asset & multi-strategy solutions

Subscribe to AIQ

Receive our insights on the big themes influencing financial markets and the global economy, from interest rates and inflation to technology and environmental change. 

Subscribe today
Subscribe to AIQ

Related views

Important information

THIS IS A MARKETING COMMUNICATION

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (AIGSL). Unless stated otherwise any views and opinions are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. Information contained herein has been obtained from sources believed to be reliable, but has not been independently verified by Aviva Investors and is not guaranteed to be accurate. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. Nothing in this material, including any references to specific securities, assets classes and financial markets is intended to or should be construed as advice or recommendations of any nature. Some data shown are hypothetical or projected and may not come to pass as stated due to changes in market conditions and are not guarantees of future outcomes. This material is not a recommendation to sell or purchase any investment.

The information contained herein is for general guidance only. It is the responsibility of any person or persons in possession of this information to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. The information contained herein does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it would be unlawful to make such offer or solicitation.

In the UK this is issued by Aviva Investors Global Services Limited. Registered in England and Wales No. 1151805.  Registered Office: 80 Fenchurch Street, London, EC3M 4AE. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 119178.