The AI-infrastructure trade is still not over, says this top-performing fund manager. Here’s where he’s investing.

Brock Campbell, who manages BNY Mellon's Global Infrastructure Income exchange-traded fund, argues that investors who believe the artificial-intelligence trade has run its course may be overlooking a key part of the story. In his view, the companies supplying the physical backbone of AI — the infrastructure — have not necessarily peaked alongside the headline-grabbing chipmakers and software names.

That distinction matters for how the theme is framed. AI adoption requires enormous buildouts in data centers, power generation, cooling, and connectivity, and those needs are typically funded and delivered through long-lived infrastructure assets. Such businesses often earn regulated or contracted revenues, which can make their cash flows less sensitive to the hype cycle than those of pure technology plays.

For market watchers, the takeaway is less about chasing momentum and more about where spending actually lands. Key things to monitor include capital-expenditure guidance from major technology firms, power and grid constraints, and the pace of new infrastructure projects. Those signals may indicate whether the AI buildout continues to translate into demand across the broader infrastructure complex.