AI investing didn’t start with ChatGPT—but ChatGPT lit the fuse. Since then, the market has moved through distinct phases, each unlocking new opportunities for investors who understand where value is shifting.
Phase 1 was Nvidia, the clearest early winner as demand for training compute exploded.
Phase 2 broadened into infrastructure—semiconductors, cloud providers, data centers, utilities, and cybersecurity.
Phase 3 is unfolding now, as companies across software, services, and consumer tech begin embedding AI into products and revenue models.
Phase 4 is still ahead, where the biggest gains may come from companies that use AI to drive real productivity improvements.
Here’s the twist: the AI trade is broadening, not narrowing. Goldman Sachs research shows that opportunities are emerging in small caps, international markets, and the global semiconductor supply chain—not just the “Magnificent 7.” And with corporate AI adoption still in its early stages, the runway for growth remains long.
For investors—especially those with concentrated equity positions—understanding these phases isn’t optional. It’s the difference between riding the next decade of AI‑driven growth … or watching it from the sidelines.
For more insights on the topic, REGISTER for our upcoming webinar with Goldman Sachs (Thur. March 26, 2026, 1:30pm pacific) which breaks down these phases, the data behind them, and what investors should be watching next.
Also, see the resources below to learn more about the Four Phases of AI Investing:
- Goldman Sachs:
Phase 1: Nvidia; Phase 2: Infrastructure; Phase 3: AI-enabled revenues; Phase 4: Productivity gains.
Goldman Sachs Insights - Saxo Group:
Each stage of AI growth rewards different kinds of companies—from chipmakers to adopters.
Saxo Investment Guide