Despite representing smaller shares of revenues, earnings and capital investment, companies across the AI value chain have accounted for about 42% of global R&D spending.

While chips, data centers and power infrastructure have drawn considerable attention, the data points to a deeper story: These companies are spending a significant amount on R&D to fortify their market position. 

Firms that consistently outspend peers on research aren’t just chasing near-term growth — they’re working to extend their competitive edge, shape future markets and reinforce barriers to entry.

Learn more about how MSCI defines the AI value chain from adopters through hardware and energy providers, and explore other top research insights in our Investment Trends in Focus: Key Themes for 2026