BlackRock Inc.'s Helen Jewell, international chief investment officer for fundamental equities, stated that commitments for AI spending should sustain the investment theme for two to three years, even as tech giants turn cash-flow negative and raise debt to fund buildouts. The biggest US tech firms plan to spend more than $700 billion this year on data centers, specialized chips, and networking equipment, with that number approaching $1 trillion for 2027. Speaking on Bloomberg Television, Jewell pushed back on the idea that AI capex commitments could unravel quickly, citing the scale of numbers as providing significant headroom. She placed the reckoning for AI spend roughly two to three years away, noting that every major capex cycle reaches an inflection point where the market questions whether spending generates sufficient returns. Jewell identified three competing forces driving daily market moves: macro factors including oil prices and interest-rate expectations, corporate earnings fundamentals, and the crowding of positions, with earnings being the most important as everything traces back to AI. She recommended leaning into the AI theme and secondary beneficiaries while diversifying portfolios, highlighting healthcare as a sector trading at a discount with near-zero correlation to AI.