The rally in artificial intelligence infrastructure is far from exhausted, according to Brock Campbell, who manages the BNY Mellon Global Infrastructure Income ETF. Speaking with MarketWatch, Campbell argued that while the sector has generated significant excitement, the investment thesis remains robust.
Campbell, whose fund trades under the symbol BKGI, highlighted telecommunications and data connectivity as critical utilities that investors should view similarly to water or electricity. He noted that these services are not discretionary spending, meaning companies in the sector are less likely to see demand collapse even during economic downturns.
“These are things you’re not just going to cut off when the economy weakens, and that’s a fantastic opportunity to introduce ballast into a portfolio,” Campbell said. To illustrate the importance of connectivity to younger generations, he joked that his children would “give up both electricity and water to have access to Roblox.”
Hear, hear! Non-discretionary demand during downturns is exactly why I’m holding these positions.
Energy sector overlap is the key insight most people miss. AI needs power first, bandwidth second.
Telecoms as ballast makes sense, but valuations are already stretched. Is there still room to grow here?
Roblox reference was spot on. Kids really do prioritize internet over basic utilities now.