BlackRock’s Li Weighs AI Adoption Against the Energy Shock

BlackRock’s Global Chief Investment Strategist Wei Li said new AI agents may accelerate adoption while warning that disrupted oil flows through the Strait of Hormuz are a major caveat to the firm’s risk-on outlook.

BlackRock’s Global Chief Investment Strategist Wei Li is keeping the potential benefits of artificial intelligence in view without dismissing a more immediate threat: an energy shock that can weaken the economy while raising costs. Her outlook places an opportunity for broader AI use alongside a warning about disrupted oil flows through the Strait of Hormuz.

The distinction matters for investors. A risk-on view means a willingness to favor assets exposed to growth and market gains, rather than concentrating on defensive holdings. It does not mean every economic threat has disappeared. Li’s energy caveat makes that outlook conditional, with the prospects for AI adoption and the damage from higher energy costs pulling in different directions.

The latest supplied market close showed a similarly uneven picture, although it cannot establish what drove investors’ decisions. The Nasdaq 100 proxy QQQ gained 0.25%, while the S&P 500 proxy SPY fell 0.21% and the Dow 30 proxy DIA declined 0.84%. Those are moves in the quoted funds, not prices or percentage changes for the underlying indexes.

AI agents put practical adoption at the center

In her Wednesday, September 30 interview on “The Pulse with Francine Lacqua,” Li said the release of new AI agents may “catalyze a wave of AI adoption.” She also called energy a “big caveat” to BlackRock’s risk-on view, according to Bloomberg Markets.

AI agents are software systems designed to carry out tasks or workflows, rather than simply return an answer to a prompt. The investment question is whether those capabilities make AI useful enough for businesses to integrate it into everyday operations. A product release can widen the available tools; sustained adoption requires users to find dependable, economically worthwhile applications.

Li’s wording points to that transition from technological capability to actual use. The potential benefit is not confined to the companies creating AI tools. Businesses that use them effectively could also improve how work gets done. But the supplied remarks do not identify particular beneficiaries, forecast earnings gains or establish how quickly any productivity improvements might arrive.

That leaves an important distinction between adoption and investment returns. More use of a technology does not automatically mean every related stock will perform well. Investors still have to assess the cost of delivering the service, the ability to charge for it and whether expectations already embedded in share prices leave room for disappointment.

Hormuz disruption threatens costs and demand

Li described disruption to oil flows in the Strait of Hormuz as creating “macro damage.” That is a broader warning than a temporary change in sentiment toward energy investments. It frames the disruption as a threat to economic activity, not merely a commodity-market event.

An energy-price shock can affect businesses through transport, production and other operating costs. Companies able to pass those costs to customers may protect their margins, but customers then face a greater burden. Businesses unable to raise prices may instead absorb the pressure through lower profitability. These are possible transmission channels, not measured outcomes established by the supplied interview.

Households can also face a squeeze when energy takes a larger share of spending. Less room for discretionary purchases can weaken demand for businesses outside the energy sector. That is why a positive view of a technology trend can coexist with caution about the wider economy: innovation and purchasing power are different forces.

The combination also presents a challenge for bonds. If energy costs keep inflation pressure elevated, investors may demand greater compensation for holding fixed-income assets. If the economic damage instead becomes the dominant concern, demand for defensive assets may strengthen. No bond yields or oil prices were supplied here, so the interview does not support a numerical assessment of either market.

The latest close shows an uneven equity backdrop

As of the most recent supplied close, Wednesday, September 30, 2026, at 20:00 GMT, QQQ last traded at $739.77, up 0.25% on the day. SPY closed at $762.63, down 0.21%, while DIA closed at $508.55, down 0.84%. The market was closed at that timestamp; these are closing observations, not current trading quotes.

The difference in direction is useful context for Li’s outlook. The Nasdaq 100 proxy finished higher even as the other supplied equity benchmarks declined. That shows that the session was not a uniform move toward or away from equities. It does not prove that AI enthusiasm caused QQQ’s gain or that the energy shock caused the declines elsewhere.

Nor does a positive close in a benchmark proxy establish that all AI-related businesses advanced. Fund-level performance combines the movements of its holdings. Without constituent prices, sector returns or investor-flow data, a more detailed attribution would go beyond the evidence.

The practical takeaway is therefore narrower than a claim that markets endorsed Li’s thesis. The supplied close is consistent with an uneven appetite for risk, but it cannot explain that appetite. Her comments provide a framework for evaluating competing forces, not a verified explanation of the session’s price moves.

What would strengthen or weaken the outlook

For the AI side of the argument, the evidence to watch is practical: whether organizations move from testing tools to using them in recurring workflows, whether those tools perform reliably and whether the benefits justify their costs. Product announcements alone cannot settle those questions. Li’s use of “may” appropriately leaves the outcome open.

For the energy side, the central issue is whether disruption to oil flows persists and how broadly its effects spread. A continuing cost shock could put pressure on corporate margins and household spending even if AI adoption improves. An easing of that disruption could remove part of the constraint on a constructive market outlook, without guaranteeing stronger investment returns.

Investors should also distinguish the timing of the competing forces. Operational benefits from new technology depend on implementation, while energy costs can affect budgets as they are incurred. The supplied facts do not establish which force will dominate or when, making a confident market forecast premature.

Li’s position is best understood as a constructive stance with a material economic condition attached. AI agents could broaden adoption, but disrupted energy supplies could undermine the environment in which that adoption occurs. The strength of the risk-on case depends not only on what the technology can do, but also on whether businesses and consumers can withstand the energy shock.

Frequently asked questions

What did Wei Li say about AI agents?

BlackRock’s Global Chief Investment Strategist Wei Li said the release of new AI agents may “catalyze a wave of AI adoption.” Her comment identifies wider use as a potential opportunity, but the supplied remarks do not specify an adoption timetable, forecast earnings gains or name individual companies that would benefit.

Why is energy a caveat to BlackRock’s risk-on view?

Wei Li said disruption to oil flows through the Strait of Hormuz is creating “macro damage” and called energy a “big caveat” to BlackRock’s risk-on view. An energy shock can raise business costs and strain household budgets, potentially weakening the economic backdrop even while new technology creates opportunities.

What does a risk-on investment outlook mean?

A risk-on outlook generally means favoring investments exposed to economic growth and market gains rather than emphasizing defensive assets. It is not a promise that prices will rise. In Wei Li’s remarks, the outlook remains qualified by the economic damage associated with disrupted oil flows and the energy-price shock.

How did the supplied equity benchmarks finish?

At the latest supplied close on September 30, 2026, at 20:00 GMT, QQQ finished at $739.77, up 0.25%; SPY closed at $762.63, down 0.21%; and DIA closed at $508.55, down 0.84%. These are quoted fund prices and daily moves, not the underlying indexes’ levels or current trading quotes.

Do the closing prices prove investors favored AI?

No. QQQ’s positive close alongside declines in SPY and DIA shows an uneven equity session, but it does not establish the cause. The supplied data contain no constituent performance or investor-flow figures that would demonstrate whether AI expectations, energy concerns or other factors drove the funds’ daily moves.

What evidence should investors watch next?

The AI thesis depends on evidence that businesses adopt agents in recurring work and obtain benefits that justify their costs. The energy caveat depends on the persistence of disrupted oil flows and their economic effects. Neither the supplied interview nor the closing prices establish which force will ultimately dominate investment returns.

Sources

• Wei Li on AI Scarcity, Bond Selloff, Energy Price Shock — Bloomberg Markets

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