The cusp of a capex supercycle

Barclays Brief · Mar 31, 2026 · 13m

In recent months, market narratives have been dominated by geopolitical shocks, energy volatility and higher interest rates. But step back, and a much bigger story is coming into focus.

Advanced economies may be on the cusp of a new, historic investment cycle – one with the potential to rival the great build‑outs of the past, from 19th‑century railroads to the Apollo missions and the information‑technology boom of the 1990s.

While much of the capex narrative has focused on AI and the race by hyperscalers to build faster, more efficient models, this is only one part of the picture. Energy…