AI boom creates opportunities beyond technology stocks

Johannesburg, 7 September 2026 – The rapid growth of artificial intelligence is creating investment opportunities beyond technology companies. Demand is increasing for the energy, infrastructure and physical resources needed to power the AI economy.

This was a key insight from Discovery Invest’s quarterly In Conversation with Ninety Onesession, held in Johannesburg on 31 August 2026 with Ninety One’s Portfolio Managers, Malcolm Charles and Samantha Hartard. The discussion considered how investors can participate in long‑term structural opportunities while navigating geopolitical uncertainty, inflation risks and changing interest‑rate expectations.

Investment specialists from Discovery Invest and Ninety One identified four priorities for investors:

• Look beyond technology shares when assessing the AI opportunity
• Remain diversified across asset classes
• Avoid reacting to a single market narrative
• Stay invested in line with long‑term financial goals.

AI’s opportunity extends beyond technology

AI is driving substantial investment in data centres, computing capacity and supporting infrastructure. Building and operating this ecosystem also requires electricity, networks and commodities such as copper. This broadens the opportunity beyond technology companies to the infrastructure, resource and energy sectors that enable AI growth.*

“The AI investment story is broader than the companies developing the technology. Investors should also consider the infrastructure and scarce resources required to support its growth,” says Estee Sevenster, Head of Technical Marketing at Discovery Invest.

This wider perspective is particularly relevant when a small group of highly valued technology shares dominates market attention. The supporting supply chain may give investors exposure to participate in a structural growth theme across different sectors and regions.

However, the discussion cautioned against treating AI as a standalone investment case. Investors still need to consider valuations, resilience and the role of each investment within a diversified portfolio.

“A powerful theme does not remove the need for discipline. Investors still need diversification and a portfolio aligned to their risk profile and time horizon,” says Sevenster.

Inflation and geopolitics reshape the backdrop

The Ninety One team noted that the 2026 Iran war and the closure of the Strait of Hormuz pushed oil prices higher and put inflation firmly back on the agenda. However, they believe the global economy remains on a constructive growth path.

In the United States, the most recent 30‑year Treasury auction yielded more than 5.2% in August 2026, the highest level since 2001. Inflation in the United States stood at 2.4% in February 2026 before rising energy costs added pressure (Bloomberg, 21 August 2026).

In South Africa, Statistics South Africa (StatsSA) shared that inflation was 2.9% at the same point, while economic growth was expected to be around 2%. The latest inflation print has since risen to 4.9% (StatsSA, August 2026), above the South African Reserve Bank’s 3% target, keeping the possibility of further rate increases on the table.

According to Ninety One, the market environment has shifted between Goldilocks and Reflation scenarios during 2026. A Goldilocks environment combines steady economic growth with relatively contained inflation. Reflation describes a period in which growth and inflation expectations rise.

While volatility remains elevated, the investment team believes opportunities continue to emerge across global markets as economic conditions evolve.

Against this shifting backdrop, the specialists recommended maintaining a portfolio that can respond to different outcomes instead of relying on one economic forecast.

South African investors have also benefited from a stronger rand, while gold has once again demonstrated its value as a defensive asset during periods of uncertainty. Gold remains approximately 38% higher year‑on‑year (Bloomberg, 25 August 2026).