As AI use accelerates, its physical footprint is expanding—driving investment in electrical infrastructure, industrial equipment, raw materials, and power generation. Our In Depth research explores AI’s impact on Industrials and examines potential “AI winners” and “AI losers” across Financials, Health Care, Real Estate, Technology, and more. Access the insights: -- Risks: All investments are subject to risk and may lose value. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.