# Michael Gates, lead portfolio manager for target-allocation models at BlackRock, discusses the current macroeconomic and market environment.

*business · news · 2026-04-27 · Morningstar*

## Key points

- BlackRock expects a sustained period of productivity-led growth, increasingly powered by AI adoption.
- Actively managed AI-specific equity exposure significantly outperformed both broad tech indices and US equity benchmarks.
- AI integration is driving higher revenue per employee in S&P 500 firms, reducing labor intensity per unit of output.
- Stock performance increasingly diverges between firms effectively adopting AI and those lagging in AI implementation.
- AI-driven productivity gains may offset reduced job creation per unit GDP if economic growth remains strong.

**Companies:** BlackRock
**Countries:** United States

[Read the full story on Morningstar](https://www.morningstar.com/markets/will-ai-adoption-actually-pay-off)

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