AI-fuelled profit growth set to flow through every SP 500 sector

“The overwhelming theme, which has been driving the broadening as well, has to do with the scale of AI-related capital spending,” said Venu Krishna, head of U.S. equity strategy at Barclays. “That dollar amount is so high that what the hyperscalers are spending in terms of AI capex is effectively the revenue for a whole bunch of other industries, whether it’s storage, whether it’s hardware, whether it’s parts of industrials, parts of energy, parts of utilities.”