Vanguard has stated that agentic AI will be the big unlock for investors, with the five largest U.S. hyperscalers planning to spend roughly $660 billion to $690 billion on AI infrastructure in 2026 alone, according to Futurum Group research. This figure nearly doubles what the same companies previously spent on the same infrastructure a year ago. Senior technology specialist at Wellington Management, Brian Barbetta, has laid out a thesis that reframes the AI opportunity. He identified four distinct layers of the AI sector, including infrastructure, software companies like Adobe embeding AI into products already used by users, health care providers, banks, and financial institutions using AI to improve efficiency across existing operations and services. The introduction of reasoning models in 2025 was the single biggest evolution since ChatGPT's debut, which requires more computing power. Goldman Sachs projects that hyperscaler capital expenditure from 2025 through 2027 will reach $1.15 trillion, more than doubling the previous three years.