An aerial photo shows a handful of cars driving over water on a multi-lane highway that diverges in three directions.
2025 GLOBAL INVESTMENT OUTLOOK

Building the transformation

We are not in a typical business cycle. Mega forces like AI are transforming economies, breaking historical trends. We stay risk-on as we look for transformation beneficiaries – and go further overweight U.S. stocks as the AI theme broadens out. We have more conviction inflation and interest rates will stay above pre-pandemic levels.

Investment themes

  • 01

    Financing the future

    Mega forces including AI are transforming economies. We see capital markets – especially private markets – playing a vital role in building this transformation.

  • 02

    Rethinking investing

    This transformation raises questions about how to build portfolios for an ever-changing outlook. We think investors should focus on themes more than broad asset class views, and put more weight on tactical views.

  • 03

    Staying pro-risk

    We remain pro-risk, starting with our confidence in U.S. corporate strength. But we stay nimble. Key signposts for changing our view include any surge in long-term bond yields or an escalation in trade protectionism.

Download the Global Outlook PDF

Explore our fund range

Discover how BlackRock products could help you navigate this market environment.