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 writing off the artificial-intelligence trade may be missing where its less visible spending is directed. Rather than focusing solely on chipmakers and software firms, he points to the physical backbone that AI systems depend on — the data centres, power generation, transmission networks and cooling systems required to run large-scale computing.

The distinction matters because infrastructure demand tends to build more slowly and persist longer than a single product cycle. If AI adoption keeps expanding, utilities, pipelines and industrial suppliers could see sustained capital spending even as enthusiasm for headline AI names fluctuates. That said, infrastructure assets are sensitive to interest rates, regulation and project delays, so execution risk remains real.

For investors, the takeaway is not a recommendation but a lens: watching where AI capital actually flows — power contracts, grid upgrades, construction backlogs — may offer a steadier read on the theme's durability than price moves in the most crowded corners of the market.