The AI-infrastructure trade is still not over, says this top-performing fund manager. Here’s where he’s investing.

Brock Campbell, who manages BNY Mellon's Global Infrastructure Income ETF, argues that investors writing off the artificial-intelligence trade may be looking in the wrong place. While much of the market's attention has focused on chipmakers and software companies, Campbell points to the physical infrastructure that AI depends on—data centers, power generation, and the grid capacity needed to run them—as an area he believes remains underappreciated.

The distinction matters for how investors think about the theme. AI adoption drives demand not just for computing power but for electricity, cooling, and transmission networks, which can take years to build. That lag between rising demand and slow-to-expand supply is central to the infrastructure case Campbell describes.

What to watch: whether utilities and data-center operators can secure power agreements and permitting at the pace AI growth requires, and how capital spending across the sector translates into earnings. For investors, the debate is less about whether AI spending continues than about which parts of the supply chain capture it—and infrastructure sits at the center of that question.