Two-thirds of investors are concerned about an AI bubble in next 12 months

Investors seek transparency from advisors using AI

Janus Henderson Investors today released the findings of its 2026 Investor Survey, which explores investor perceptions of artificial intelligence (AI). The research reveals that while more than half of investors (61%) expect AI to have a positive long-term impact on markets, 9 out of 10 investors have at least some concerns about investing in AI.

The most common investor concern is that AI may not deliver on expectations (28%), followed by bias, misuse or insufficient safeguards (24%), and the risk that AI investments may be overvalued (19%).

Two-thirds of investors (67%) are concerned about a potential AI bubble or AI-driven market correction in the near term. Over a longer horizon, sentiment becomes more constructive: 46% of investors expect AI to have a modest positive impact on market returns over the next five years, while a smaller but more optimistic segment (15%) anticipates a major positive impact. Notably, this strongest conviction skews younger – 31% of Millennials expect outsized returns, compared to 14% of Gen X and just 8% of Boomers+.

“At Janus Henderson, we view artificial intelligence as a powerful enabler—one that must be approached with a disciplined client-centric lens. We are investing meaningfully to accelerate our AI transformation across our teams to enhance how we work and deliver for clients,” said Ali Dibadj, Chief Executive Officer of Janus Henderson Investors.

“AI skepticism is understandable, but investors risk failing to distinguish between valuation noise and long-term structural change,” said Denny Fish, Portfolio Manager on the Global Technology and Innovation Team at Janus Henderson Investors. “There will be no bigger secular theme than AI in our lifetime. But investors need patience and discipline, because while AI will create massive winners over time, it will also expose meaningful losers along the way. We believe this bifurcation will create opportunities for active managers.”

AI in Advisory Practices

While AI adoption is growing, barriers exist that limit its role in shaping investment decisions. Investors’ top five barriers to using AI for investment purposes include:

• Concern that AI recommendation may be biased or conflicted (75%)
• Concerns about data privacy or security (74%)
• Preference for traditional methods (e.g., advisors or personal research (73%))
• Lack of trust in AI-driven recommendations (72%)
• I don’t feel comfortable judging whether AI advice is reliable (70%)

The vast majority of investors (87%) said they would feel “good” or “neutral” about their financial advisor using AI to create educational collateral to share with them. However, investors are less comfortable with advisors using AI for more personal activities, as 40% say they would be upset if their advisor used AI for automatically responding to texts and emails, and one-third of respondents (33%) report they would be upset if their advisor used AI for investment recommendations.

“The industry faces challenges when it comes to using AI for advice, client communications, and investments. While it has the potential to be a valuable tool for advisory practices, advisors will need to deploy AI in a strategic, thoughtful manner,” said Matt Sommer, Head of Specialist Consulting Group at Janus Henderson. “The bottom line is that the demand for human-led decision making and personal connection will not be displaced by artificial intelligence; in fact, AI may actually increase the value investors place on those qualities.”

Investors want transparency and accountability if their advisor uses AI: 85% said they feel their advisor is ultimately responsible for AI-generated advice or materials, and 79% said they would be upset if their advisor used AI without disclosing it. Notably, just 33% of investors said their advisor has discussed with them how they use AI in their practice.

To download a copy of Janus Henderson Investors’ 2026 Investor Survey: Perspectives on AI – trust, transparency, and cautious optimism report, CLICK HERE.

Notes to editors

About the Survey

Janus Henderson Investors’ 2026 Investor Survey: Perspectives on AI – trust, transparency, and cautious optimism was conducted by 8 Acre Perspective among 1,000 investors nationwide with $250,000 or more in investable assets. The survey was conducted from March 5-24, 2026.

About Janus Henderson

Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of March 31, 2026, Janus Henderson had approximately US$480 billion in assets under management, more than 2,000 employees, and offices in 26 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the New York Stock Exchange.

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