KKR (KKR) said in a September report that artificial intelligence is making the US investment cycle an "unusually concentrated" one.

The firm said more capital is flowing into technology equipment, software, semiconductors, and data centers, while investment in much of the rest of the economy remains weak.

KKR projected that AI infrastructure capital expenditure could reach $7.6 trillion to $8 trillion through 2030, with AI-linked exposure potentially accounting for around 20% of the investment-grade index.

"As that concentration grows, so too do the linkages across issuers, financing channels, infrastructure, and end markets," the report said, adding that this results in a market where different exposures are increasingly driven by the same underlying factors.

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