ING’s Julian Geib outlines how Artificial Intelligence is reshaping real‑economy sectors in 2026. Data centre construction is booming but faces power and cost constraints, with EU building activity expected to recover. Big‑tech capital expenditures on AI continue to surge, raising questions about monetisation and debt risks. In healthcare, AI tools may ease labour shortages and improve diagnostics, though limits and cautions remain.

AI reshapes building, spending and healthcare

"Against this backdrop, we expect the EU construction sector to return to growth in 2026. Yet, data centre building, while powerful, remains only one segment. High interest rates, labour shortages and persistently elevated material costs still weigh on the broader sector."

"For Nvidia CEO Jensen Huang, demand remains “sky high”, and current investment levels appear both appropriate and sustainable. Yet at the same time, free‑cash‑flow growth is becoming a challenge for the major hyperscalers, who are increasingly turning to debt‑financed capex. This adds vulnerability to the broader financial system should expected returns fail to materialise."

"Monetisation is improving, but it's still far from matching the scale of investment. The central uncertainty for 2026 is whether revenues rise fast enough to justify this capital intensity, or whether slowing cash flows and growing reliance on debt signal early limits."

"2026 might reveal the first signals of where AI can meaningfully ease healthcare bottlenecks - and where caution must prevail."

"2026 won’t deliver the full answers, but it may offer the first clues."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)