The Bid – An Investing Podcast from BlackRock
- Épisodes
- 280
- Parution
- hebdomadaire
- Dernier épisode
- 13 Nov 2026
À propos du podcast
The Bid breaks down what’s happening in the world of investing and explores the forces changing the economy and finance. From stock market outlooks to geopolitics and technology, BlackRock speaks to thought leaders and industry experts from around the globe about the biggest trends moving markets.
Épisodes 280
278: How to Build a Balanced Portfolio and Navigate Market Volatility: Your investing questions answered
Building a balanced portfolio can feel challenging when markets are volatile, artificial intelligence is reshaping investment opportunities, and financial priorities change throughout our lives. Whether you're …
Notes de l’épisode
Building a balanced portfolio can feel challenging when markets are volatile, artificial intelligence is reshaping investment opportunities, and financial priorities change throughout our lives. Whether you're just starting to invest or have years of experience, understanding how to manage risk, identify opportunities and stay focused on long-term goals is an important part of investing.
In this Ask Me Anything episode of The Bid, host Oscar Pulido is joined by Kristy Akullian, Head of Global Portfolio Solutions Investment Strategy for the Americas at BlackRock, to answer investing questions submitted by listeners. From building wealth in your 20s and 30s to understanding bonds, futures and AI investing, Kristy explores the fundamentals of constructing a balanced portfolio and navigating changing market conditions.
The conversation examines why time in the market can matter more than trying to time the market, how bonds can help diversify investment risk, and what investors should consider when evaluating AI-related companies. Kristy also discusses how growing AI investment may affect other sectors of the economy and why financial discipline and diversification remain important when building a balanced portfolio.
Key moments:
00:00 Introduction
01:25 Start Early Build Wealth
03:06 Money Milestones In Your 30s
04:49 Staying Calm In Volatility
07:01 Bond Basics And Rates
09:53 Futures Explained Simply
12:32 Spotting Real AI Winners
15:00 AI Spending And Crowding Out
17:06 Biggest Investor Mistake
17:54 Wrap Up
Check out our last AMA on Inflation: https://open.spotify.com/episode/2YTm1J6svA9jQyEv2lHW3i?si=ZRtwEOWqT4-seACexh0tgA
And our AMA playlist on Spotify: https://open.spotify.com/playlist/0B8t7mrdFSHHbeio92Tmlx
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Sources: Bloomberg 2026
balanced portfolio, market volatility, investing for beginners, long-term investing, AI investing, bond investing, portfolio diversification, financial planning
Written Disclosures: This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned is merely for explaining the investment strategy and should not be construed as investment advice or recommendation. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
277: Global Equity Markets: Can the Stock Market Rally Continue Beyond AI?
Global equity markets have delivered strong returns in recent years, fueled by corporate earnings growth, the expansion of artificial intelligence, and trillions of dollars in technology investment. But with a …
Notes de l’épisode
Global equity markets have delivered strong returns in recent years, fueled by corporate earnings growth, the expansion of artificial intelligence, and trillions of dollars in technology investment. But with a relatively small group of companies accounting for much of the US stock market's performance, questions are emerging about market concentration, the sustainability of the AI rally, and the opportunities that may exist beyond technology. As investors assess the outlook for global equities, could the next phase of market growth look different from the last?
In this episode of The Bid, host Oscar Pulido is joined by Carrie King, Global Chief Investment Officer of Fundamental Equities at BlackRock, and Alex Brazier, Global Head of Investment and Portfolio Solutions at BlackRock, to explore what's driving global equity markets and how investors are approaching diversification. Together, they examine the relationship between corporate earnings and stock market returns, the scale of investment in AI infrastructure, and the changing dynamics influencing equity valuations across regions and sectors.
Key insights from this episode:
0:00 Intro - Equities Run Explained
02:12 Investor Sentiment Split
03:36 AI Trade Volatility
05:39 US Returns Drivers
07:49 Capex and ROI Proof
10:18 Diversifying Beyond AI
15:06 Value Picks Outside AI
18:15 Global and EM Angles
20:47 Portfolio Ideas and Wrap
Check out this episode with tech portfolio manager Tony Kim as he takes us inside the latest investment trends coming out of Silicon Valley: https://open.spotify.com/episode/7IhSnj8Q4YJ4Tz3AWmss8H?si=7972ef06a4d44ae2
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global equities, stock market trends, AI investing, portfolio diversification, market concentration, corporate earnings, emerging markets, capital markets
Sources: Bloomberg as of Oct 2026; Fundamental Equities analysis with monthly data from FactSet measured from Nov. 30, 2022, to Sept. 30, 2026; BlackRock Fundamental Equities Global Technology team, September 2026.
Written Disclosures In Episode Description: This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
276: Rewiring Retirement Around The World: What Can We Learn?
Retirement planning is being transformed around the world. As people live longer, traditional pension systems evolve and governments face growing financial pressures, individuals are taking on greater …
Notes de l’épisode
Retirement planning is being transformed around the world. As people live longer, traditional pension systems evolve and governments face growing financial pressures, individuals are taking on greater responsibility for their retirement savings and income. But with no single global model for retirement, what can different countries learn from one another?
In this episode of The Bid, host Oscar Pulido is joined by Casie Maurer, Head of US Defined Contribution at BlackRock, and Helen Lees-Jones, EMEA Head of Global Consultant Relations and Institutional Strategy at BlackRock. Together, they explore how retirement systems are changing across the US, UK, Germany, Australia and Mexico, and how policymakers, employers and the financial services industry are responding to the challenges of an aging population.
From the evolution of 401(k) plans and automatic enrollment to the growing importance of retirement income, the conversation examines how different markets are approaching retirement planning. Casie and Helen discuss the shift from traditional defined benefit pensions toward individual retirement responsibility, the role of capital markets in supporting long-term savings, and why the next phase of retirement innovation may be less about accumulating assets and more about providing financial security throughout retirement.
Key moments from this episode:
00:00 Introduction
02:37 Why Retirement Systems Are Changing
04:15 Individual Investors Take the Wheel
06:34 UK vs Germany Models
09:18 Lessons From Reform
10:46 Next Phase of 401k plans
13:26 Australia and Mexico Comparisons
16:03 Holistic Lifetime Planning
19:32 Personal Pension Future
21:17 Closing Thoughts
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Sources: 2026 BlackRock’s Read on Retirement survey; OECD Pensions Report 2025; “Investing In The UK Economy”, House of Commons Report 2025; “Department for Workplace Pensions”, UK Department for Work and Pensions Report 2025; UK Census 2021; United Nations population data
retirement planning, retirement income, pension systems, retirement savings, 401(k) plans, global retirement trends, capital markets, personal pensions
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
275: How Geopolitics Is Redefining Defense, Energy, Technology and Global Markets
Geopolitical tensions are increasingly reshaping the global economy. Defense spending is rising, energy security has returned to the policy agenda, and competition over artificial intelligence and critical …
Notes de l’épisode
Geopolitical tensions are increasingly reshaping the global economy. Defense spending is rising, energy security has returned to the policy agenda, and competition over artificial intelligence and critical technologies is becoming an increasingly important part of national security. At the same time, conflicts and supply chain disruptions are exposing vulnerabilities in an interconnected global system.
In this episode of The Bid, host Oscar Pulido speaks with Anna Parker, part of the Geopolitical Research and Strategy team at BlackRock, and Yasmin Meissner, portfolio manager for Thematic Strategies at BlackRock. Together, they look beyond short-term geopolitical headlines to explore what BlackRock calls the “resilience economy”—the growing focus on strengthening security and reducing strategic dependencies across energy, defense and technology.
Anna examines how geopolitical shocks are changing the global energy system and why countries are investing in greater resilience. Yasmin explores the transformation underway in defense, from autonomous systems and counter-drone technology to software and space. They also discuss the geopolitical competition surrounding AI, the push for technology sovereignty, and why strategic choke points including rare earths, semiconductors and energy infrastructure could have increasingly important implications for global markets.
Episode Chapters
00:00 Introduction
02:44 The Global Resilience Economy Thesis
05:51 Investing Across Three Pillars
08:01 Energy Shock Lessons
11:18 Building Future Energy Resilience
12:35 Defense Innovation Tour
16:32 Modernizing Military Software
17:56 AI Sovereignty and Supply Chains
22:13 Choke Points to Watch
24:56 Key Takeaways and Wrap
Key insights
· Why geopolitical fragmentation is reshaping the global economy and increasing the focus on resilience.
· How energy security is evolving as countries respond to geopolitical shocks and vulnerabilities in global supply.
· Why defense technology is changing, from autonomous systems and counter-drone capabilities to software and space.
· How AI is becoming part of geopolitical competition and driving greater focus on technology sovereignty.
· Where strategic choke points are emerging across rare earths, semiconductors and energy infrastructure.
· What the resilience economy could mean for investors as capital flows toward energy, defense and technology.
Check out our previous episode on defense with Rolf Heitmeyer: https://open.spotify.com/episode/6QebK6raugH9Vr80NHO5Oi?si=x7fzE0kqSlSvFiqpxdq3HQ
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geopolitics, defense investing, energy security, artificial intelligence, geopolitical fragmentation, resilience economy, technology sovereignty, global markets
Sources: “We can buy more weapons. We can’t buy more time,” Defense One, 2026; “Anduril, Department of War Sign Production Agreement for Surface-Launched Barracuda-500M,” Anduril, 2026; “Background Briefing on FY 2026 Defense Budget,” U.S. Department of War, 2025; “FY 2027 Defense Space Budget: Dramatic and Targeted Growth,” Center for Space Policy and Strategy, The Aerospace Corporation, 2026; “Technological Evolution on the Battlefield,” Center for Strategic and International Studies (CSIS), 2025; “Results of Ukraine’s Defense Industry in 2025: FPV Drones,” National Security and Defense Council of Ukraine, 2026; “Leonidas High-Power Microwave: Directed Energy for cUAS, cUAS Swarms, Counter Electronics,” Epirus; “Estimating the Cost of Combat Operations Against Iran,” Congressional Budget Office, 2026; “Global Data Centre Outlook 2026-50: Malaysia Key Findings,” PwC, 2026; “Cloud Computing,” European Commission, 2026; “Oil markets strain to plug the gap left by Middle East supply shortfall,” International Energy Agency (IEA), 2026; “IEA Member countries to carry out largest ever oil stock release amid market disruptions from Middle East conflict,” International Energy Agency (IEA), 2026; “Middle East Crude Oil Exports Back at Prewar Levels, Analysts Say,” The Wall Street Journal, 2026; “Why oil prices haven’t gone crazy despite 5 months of US-Iran war,” Reuters, 2026; “Sheltering from Oil Shocks: Measures to Reduce Impacts on Households and Businesses,” International Energy Agency (IEA), 2026; “Trends in World Military Expenditure, 2025,” Stockholm International Peace Research Institute (SIPRI), 2026; “Impacts of Middle East conflict set to reshape energy investment plans as disruptions put focus on security,” International Energy Agency (IEA), 2026.
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
274: How Tokenized Cash Is Modernizing Money, Markets and Investing
Tokenized cash is emerging as one of the most tangible applications of tokenization in financial markets. While much of the attention around digital assets has focused on cryptocurrencies, a broader …
Notes de l’épisode
Tokenized cash is emerging as one of the most tangible applications of tokenization in financial markets. While much of the attention around digital assets has focused on cryptocurrencies, a broader transformation is taking place behind the scenes as blockchain technology begins to change how cash moves, settles and operates across the financial system.
In this episode of The Bid, host Oscar Pulido speaks with Beccy Milchem, Global Head of Cash Distribution and Head of the International Cash Management business at BlackRock, about what tokenized cash actually is and why it is moving from concept toward real-world use. They break down the differences between cryptocurrencies, stablecoins, tokenized deposits and tokenized money market funds — and explore why the distinction matters as digital assets become a bigger part of the financial ecosystem.
Beccy also explains how tokenization could modernize the infrastructure underpinning capital markets, from faster settlement and around-the-clock cross-border payments to programmable transactions and potentially more efficient management of working capital. The conversation explores how digital wallets could evolve as more traditional assets become tokenized, why cash is playing an early role in this transition, and how regulation, interoperability and broader adoption could determine the pace at which tokenized finance develops.
Episode chapters:
00:00 Introduction
02:31 What Is Tokenized Cash
03:47 Crypto Stablecoins Explained
07:14 Why Now For Tech Regulation
09:15 Broken Payment Plumbing
10:54 Programmable Money And AI
13:05 Digital Wallet Adoption
15:40 Global Rollout Currencies
17:05 Mainstream Tests
19:01 Wrap Up And Disclosures
Check out our previous episode on tokenization with BlackRock COO Rob Goldstein: https://open.spotify.com/episode/3U90eOH07t94CI0fw1JCtn?si=41cae3f7090d4cb5
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Tokenized cash, tokenization, stablecoins, digital wallets, money market funds, blockchain, capital markets, digital assets
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
273: AI Beyond Tech: How Artificial Intelligence Is Reshaping the Economy
The AI economy is entering a broader phase as artificial intelligence moves beyond technology companies and into healthcare, manufacturing, financial services and other parts of the economy. At the same time …
Notes de l’épisode
The AI economy is entering a broader phase as artificial intelligence moves beyond technology companies and into healthcare, manufacturing, financial services and other parts of the economy. At the same time, growing demand for computing power is highlighting physical constraints around electricity, semiconductors and critical materials.
In this episode of The Bid, host Oscar Pulido speaks with Jay Jacobs, BlackRock’s US Head of Equity ETFs, about how the AI economy is evolving. They discuss where AI adoption is taking hold, what can distinguish productive implementation from investment without clear results, and why infrastructure is becoming increasingly important to the AI build-out.
The conversation also examines the intersection of AI investing, physical infrastructure, megaforces and capital markets—from data centers and power generation to robotics, autonomous vehicles and digital assets.
Key moments in this episode:
00:00 Introduction to Where AI Is Heading Next
02:07 Defining AI Economy
03:33 From Experiments to Profits
05:07 Potato Chip AI Playbook
06:50 Healthcare Adoption Surge
08:21 Power and Materials Crunch
11:19 Physics Limits and Solutions
12:52 Robots and Autonomous Future
14:01 How Investors Position Now
15:36 Digital Assets Meet AI
17:31 What Comes Next for AI
19:39 Wrap Up and Disclosures
Key insights:
· How AI adoption is broadening beyond the technology sector.
· Why having a defined use case can matter when companies deploy AI.
· Where power, copper and specialized materials may create physical constraints.
· How healthcare and manufacturing are applying AI to complex processes.
· Why robotics and autonomous vehicles represent a shift toward physical AI.
· How digital assets could support machine-to-machine transactions and micropayments.
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AI economy, AI investing, AI adoption, infrastructure, megaforces, capital markets, artificial intelligence
Sources: 2026 Thematic Mid-Year Update “Welcome to the AI Economy”, iShares.com;
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
272: Space, The Final Investing Frontier - How AI and Technology Are Expanding the Economy
The space economy is becoming more connected to everyday economic activity, from satellite communications and navigation to weather forecasting, defense and data. Falling launch costs, advances in satellite …
Notes de l’épisode
The space economy is becoming more connected to everyday economic activity, from satellite communications and navigation to weather forecasting, defense and data. Falling launch costs, advances in satellite technology and rising demand for AI infrastructure are broadening the conversation around what space could enable.
In this episode of The Bid, host Oscar Pulido speaks with Reid Menge, portfolio manager in BlackRock’s Fundamental Equity Group, about how the space economy is developing and the forces behind its growing relevance. They explore lower launch costs, satellite capabilities, national security priorities, AI infrastructure and the potential evolution of data centers.
The discussion also looks beyond rockets and satellites to the broader infrastructure and capital markets ecosystem supporting space activity. Reid explains why cost and capability remain critical variables, how government spending can intersect with private-sector innovation, and why technical execution remains an important source of uncertainty as the industry develops.
Episode chapters
00:00 Introduction to Space Economy
02:02 Space in Daily Life
02:37 Space Investing Goes Mainstream
04:40 Cost Capability Demand
09:22 AI Meets Orbit
11:18 Space Data Centers Explained
14:39 National Security Imperative
16:20 Where Opportunities Emerge
18:29 Risks and Reality Check
20:32 Next Decade Outlook
22:28 Wrap Up and Disclosures
Key Insights from this episode:
· How falling launch costs could expand the range of economically viable space activities.
· Why smaller, lower-cost satellites are changing communications and Earth observation.
· How AI is increasing the potential value of data collected from space.
· Where national security priorities intersect with commercial space infrastructure.
· Why semiconductors, communications equipment and specialty materials form part of the space ecosystem.
· How execution risk and technological complexity could influence the industry’s development.
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Sources: GPS.gov data 2026; “How geostationary small satellites are providing strategic access to space”, WEF 2025; “Big ideas, small satellites”, NASA Jet Propulsion Laboratory; “State-of-the-Art Small Spacecraft Technology” NASA report May, 2026; Department of War Budget 2027; “Servers account for 60% of the total cost of ownership of a one-gigawatt AI data center”, Epoch AI; “SpaceX IPO: Musk's firm set to launch first 'orbital data center' AI1 satellites in 2027, will put compute on Starlink craft” DCD 2026; Department of the Air Force Posture Statement Fiscal Year 2027;
space economy, AI investing, infrastructure, capital markets, megaforces, satellite technology, national security, data centers
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
271: David Rubenstein, Co-Founder of The Carlyle Group, on the Business of Sports, Investing and Leadership
Sports investing has evolved as franchise values have risen, live sports have retained a powerful hold on audiences, and ownership has become an increasingly sophisticated business. Yet sports teams remain …
Notes de l’épisode
Sports investing has evolved as franchise values have risen, live sports have retained a powerful hold on audiences, and ownership has become an increasingly sophisticated business. Yet sports teams remain unusual assets, combining economics with competition, community identity and deeply emotional fan relationships.
Host Oscar Pulido speaks with David Rubenstein, co-founder and co-chairman of The Carlyle Group and control partner of the Baltimore Orioles ownership group, about his move from private equity into sports investing. They discuss his decision to invest in his hometown team, the role franchises can play in their cities, and how leadership differs when success is measured by more than financial returns.
The conversation also explores the forces influencing sports investing, from rising franchise values and broader ownership participation to live media demand, AI-powered analytics and longer-term developments across capital markets.
Key moments in the episode:
00:00 Meet David Rubenstein
02:10 Sports ownership and Civic Responsibility
04:06 Camden Yards and Baltimore City Revival
06:42 What Owners Really Do
09:00 Winning Over Profits
10:24 Long Horizon Decisions
13:06 Sports as an Asset Class
15:45 AI in Sports and Moneyball 2.0
17:11 Next 20 Years of Investing
20:28 First Orioles Game Memories
21:38 Closing and Up Next
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sports investing, David Rubenstein, Baltimore Orioles, sports ownership, business of sports, sports franchises, private equity, Carlyle Group, private markets, AI investing, artificial intelligence, baseball analytics, sports analytics, live sports, media rights, franchise valuations, leadership, sports business, institutional investing, professional sports ownership
Sources: Inside The Owners Box, David Rubenstein, September 2026
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
270: Sports, Markets and Investing: What Separates Skill From Good Luck
Sports and investing can both be shaped by small margins, repeated decisions and the balance between skill and chance. From tennis points to soccer matches and basketball shot selection, elite competition …
Notes de l’épisode
Sports and investing can both be shaped by small margins, repeated decisions and the balance between skill and chance. From tennis points to soccer matches and basketball shot selection, elite competition offers a useful lens for thinking about decision-making in capital markets.
In this episode of The Bid, host Oscar Pulido speaks with Ronald Van Loon, Portfolio Manager in BlackRock’s Global Fixed Income Group, about the connection between sports and investing. They examine hit rates, payoff ratios, teamwork, preparation and the role of process in fixed income portfolio management.
The discussion explores why a modest edge can matter when applied consistently, how different sports change the influence of chance, and why sports and investing both reward attention to probability, payoff and repeated opportunities. They also consider market volatility, stock market trends and the importance of continuous learning.
Check out the previous episode on tennis here: https://open.spotify.com/episode/061EZSj3afpDQd7lL1FJUF?si=diYmU2axTAS26i7IxccxhA
Key moments in this episode:
00:00 Introduction
01:42 Tennis Margins Compound - How small statistical advantages can compound across repeated decisions
05:17 Winning the Big Points - Why probability and payoff need to be considered together
07:55 Soccer Skill vs Chance - Where skill and chance differ across tennis, soccer and basketball.
09:49 Teamwork in Investing - How teamwork can support decision-making across complex fixed income markets
12:58 Olympics and Process - Why preparation and continuous learning remain central to a repeatable investment process
15:20 Basketball Expected Value - How basketball’s changing shot selection illustrates the concept of expected value
17:35 Three-Part Investor Framework
18:57 Closing and Next Episode
sports and investing, capital markets, fixed income, portfolio management, investment process, market volatility, stock market trends
Sources: Van Loon, R.J.M. 2021. “Long-Term Investing and the Frequency of Investment Decisions”, The Journal of Portfolio Management 47 (8): 86-104; Van Loon, R.J.M. 2021. “Investment Skill and Consistent Long-Term Alpha”, The Journal of Portfolio Management
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
269: The Biggest Themes of 2026 So Far: How AI, Geopolitics and Digital Assets Are Reshaping Portfolios
2026 market themes have been shaped by geopolitical realignment, the physical demands of artificial intelligence and changing assumptions about diversification. Across markets, investors are confronting several …
Notes de l’épisode
2026 market themes have been shaped by geopolitical realignment, the physical demands of artificial intelligence and changing assumptions about diversification. Across markets, investors are confronting several plausible futures rather than relying on a single base case.
Host Oscar Pulido is joined by Stevie Manns, producer of The Bid, to revisit conversations with BlackRock leaders and external guests. Together, they connect insights on geopolitics, retirement, AI infrastructure, market concentration, portfolio construction, Asia, digital assets and tokenization.
The discussion explores how these subjects form a broader story about preparation. Listeners will hear why AI investing increasingly involves energy and physical infrastructure, how concentration is changing the character of major equity indexes, and why a more dynamic and granular approach may be relevant as capital markets evolve.
Key insights:
· How geopolitical shifts are influencing markets, supply chains and economic policy
· Why AI investing depends on power, data centers and infrastructure
· How stock market concentration can affect diversification assumptions
· Why portfolio construction may require multiple scenarios
· Where Asia and digital assets are broadening the opportunity set
· How tokenization could reduce friction in financial markets
Episodes featured:
246: Macro and Geopolitical Outlook - Live from Davos
248: Retirement Realities: Ask Me Anything With Jaime Magyera
250: Powering AI 2.0: Why The AI Boom is becoming an Energy Story
257: Beyond The Magnificent Seven: Discovering Equity Opportunities in the S&P 493
258: Portfolio Construction for A Changing World: Adapting to A Market Regime Shift
259: Cryptoassets At A Crossroad: Volatility, Adoption and Changing Market Perspectives
261: Why Are Global Investors Looking To Asia As An Investment Destination
264: Is Tokenization The Next Evolution of Financial Market Infrastructure
266: Midyear Outlook: Scarcity vs Abundance in The Age of AI
268: AI's Latest Frontiers: An Investor's Perspective on Space, AI and Equity Opportunities
2026 market themes, AI investing, portfolio construction, capital markets, digital assets, tokenization, geopolitics
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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268: AI’s latest frontiers: An Investor’s Perspective on AI, Space and Equity opportunities
AI investing continues to shape markets as artificial intelligence (AI) moves beyond software and into the physical infrastructure of the global economy. From data centers and chips to space-based compute …
Notes de l’épisode
AI investing continues to shape markets as artificial intelligence (AI) moves beyond software and into the physical infrastructure of the global economy. From data centers and chips to space-based compute, autonomous trucks and humanoid robotics, the AI buildout is creating new questions about scarcity, supply chains and where value may accrue next.
In this episode of The Bid, host Oscar Pulido is joined by Tony Kim, Head of the Global Technology Team within BlackRock Fundamental Equities. Fresh from his 13th annual technology tour across San Francisco and Silicon Valley, Tony shares what he heard from leading innovators and how the AI conversation has evolved from model development to compute, infrastructure, physical AI and the changing shape of the technology stack.
Tony explains why AI investing may increasingly require looking across multiple layers of the ecosystem: the physical layer of power, chips, data centers and cloud infrastructure; the intelligence layer of foundation models; and the application and services layer where disruption remains a central question. The discussion also explores how AI is creating both scarcity and abundance, why data center demand is reshaping supply chains, and how countries and companies tied to the compute build-out may be positioned differently from more service-oriented parts of the market.
Check out our previous tech tour episodes with Tony Kim:
2025 - https://open.spotify.com/episode/6ffqOgM2CDbJGEoaWjgjIP?si=418fdf5f886c4f62
2024 - https://open.spotify.com/episode/3ruCZNZ7vHghypqwnQzslg?si=e62206f037df409b
Key moments in this episode:
00:00 Introduction
01:57 AI Wave Expands - How AI investing is expanding from model development into space, robotics and physical systems.
05:28 AI Goes To Space - How low Earth orbit satellites could create new forms of AI data and, potentially, new compute architectures.
07:51 Physical AI Adoption - Why autonomous vehicles, self-driving trucks and humanoid robots are part of the broader physical AI story
10:00 Rewiring The Internet
14:38 Where To Invest Now - How the shift in market value toward compute and model-centric companies is reshaping stock market trends.
18:55 Risks And Optimism
22:38 Wrap Up And What's Next on The Bid
AI investing, artificial intelligence, technology investing, capital markets, megaforces, data centers, robotics, stock market trends
Sources: BlackRock Fundamental Equities analysis of AI-related capex spending through 2030, as of July 2026; “How much does a GW of data center capacity actually cost” Investing.com, 2025; S&P Global Indices as at July 14th 2026
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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267: Defense Investing in a New Era of Geopolitics, AI, and Global Security Transformation
Defense investing is rapidly moving from the margins to the center of capital markets as geopolitical fragmentation, rising global tensions, and technological innovation reshape how nations allocate resources …
Notes de l’épisode
Defense investing is rapidly moving from the margins to the center of capital markets as geopolitical fragmentation, rising global tensions, and technological innovation reshape how nations allocate resources. What was once viewed as a niche or even overlooked sector is now emerging as a critical pillar of global infrastructure and security.
In this episode of The Bid, host Oscar Pulido sits down with Rolf Heitmeyer, Head of Industrials in BlackRock’s Fundamental Equities Group, to explore the forces driving this shift in defense investing. They discuss the surge in global defense spending, the changing competitive landscape between incumbent contractors and new entrants, and how innovation - from AI-enabled systems to low-cost drones - is transforming modern warfare.
As geopolitical megaforces continue to evolve and technology reshapes security priorities, defense investing is becoming an increasingly relevant theme for investors seeking to understand the intersection of global politics, innovation, and markets.
Key moments in this episode:
00:00 Introduction
01:41 AI Spending Surge Explained
04:52 Tech Industry Shakeup Ahead
07:14 Attritable vs Exquisite
09:49 Scaling the Arsenal
11:32 Startup Innovation Tour
14:39 Defense in Portfolios
16:05 A Long Supercycle
17:13 Wrap Up and Disclosures
Defense investing, capital markets, AI investing, megaforces, geopolitical risk, stock market trends, defense technology
Sources: “Venture capital investment in defense tech surges while M&A activity slows” S&P Global March 2026; “Over 11,000 munitions in 16 Days of the Iran War: ‘Command of the Reload’ Governs Endurance” RUSI, March 2026; Department of War Statistics; Data from BlackRock Fundamental Equities as of April 2026.
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
266: 2026 Midyear Outlook: Scarcity vs. Abundance in the Age of AI
Artificial intelligence continues to reshape economies and markets, but its rapid expansion is also exposing new constraints across energy, infrastructure, labor, and capital. As investors navigate an …
Notes de l’épisode
Artificial intelligence continues to reshape economies and markets, but its rapid expansion is also exposing new constraints across energy, infrastructure, labor, and capital. As investors navigate an increasingly complex landscape, the debate has shifted from AI's potential to the practical realities of building the systems that support it.
In this episode of The Bid, host Oscar Pulido speaks with Jean Boivin, Head of the BlackRock Investment Institute, about BlackRock's 2026 Midyear Outlook. Together they examine the report's central theme - scarcity versus abundance - and discuss how AI, higher capital requirements, geopolitics, and structural economic changes are influencing today's investment landscape.
Jean explains why today's market environment is defined by multiple competing outcomes rather than a single base case, introducing the concept of "polyfurcation." He also explores the evolving AI investment opportunity, the importance of infrastructure, the role of tactical portfolio construction, and why investors may need to rethink traditional diversification as megaforces continue to reshape markets.
Key insights
- How AI is creating both new opportunities and new economic constraints
- Why scarcity has become a defining macroeconomic theme
- How "polyfurcation" changes the way investors think about uncertainty
- Why infrastructure is becoming central to the AI investment story
- How portfolios may evolve beyond traditional asset class diversification
- Where investors are focusing as AI continues to reshape global markets
AI investing, Midyear Outlook, capital markets, infrastructure investing, megaforces, stock market trends, artificial intelligence, global economy
Sources: BlackRock Investment Institute, Midyear Outlook 2026
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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265: Inflation and Investing: What Sticky Prices Mean for Portfolios Today - Ask Me Anything
Inflation and investing are once again front and center as markets assess a new mix of price pressures. In this Ask Me Anything episode of The Bid, host Oscar Pulido is joined by Helen Jewell, BlackRock’s …
Notes de l’épisode
Inflation and investing are once again front and center as markets assess a new mix of price pressures. In this Ask Me Anything episode of The Bid, host Oscar Pulido is joined by Helen Jewell, BlackRock’s International Chief Investment Officer for Fundamental Equities, and Tom Becker, senior portfolio manager on BlackRock’s Global Tactical Asset Allocation team.
Together, they explore what is driving inflation today, from AI infrastructure demand and energy bottlenecks to fiscal spending, supply constraints, and regional differences. The conversation examines how inflation is affecting capital markets, equities, fixed income, stock market trends, and portfolio diversification.
This episode also looks at the role of AI as both a near-term inflationary force and a potential longer-term productivity driver. As AI investing accelerates demand for electricity, chips, copper, data centers, and infrastructure, investors are watching how these megaforces reshape markets and the global economy.
Key insights:
· How AI infrastructure demand is contributing to inflation pressures
· Why inflation differs across regions, including the U.S., Europe, Japan, and China
· Where pricing power matters most for companies and sectors
· How inflation measures like CPI, PCE, and PPI inform market views
· Why sticky inflation can challenge traditional stock-bond diversification
· How investors can think about inflation across equities, bonds, and multi-asset portfolios
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Key moments in this episode:
00:00 Introduction: Why Inflation Matters
02:57 Supply Demand Basics
04:57 From Pandemic To Now
07:26 Inflation By Region
09:19 Equity Winners Losers
13:24 Which Inflation Metrics
15:23 AI And Macro Inflation
17:24 AI Bottlenecks Plays
18:58 Fixed Income And 60 40
21:03 Key Takeaways
Sources: “Harry Styles Ticket Prices Spark Outrage Among Fans”, Forbes, 2026; BlackRock Fundamental Equities, June 2026, based on analysis of company statements; Blackrock Fundamental Equities, June 2026, based on data from the UK Office of National Statistics
Inflation and investing, sticky inflation, AI infrastructure, fixed income, equities, portfolio diversification, capital markets, stock market trends
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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264: Is Tokenization the Next Evolution of Global Financial Market Infrastructure? Ft. Rob Goldstein, COO of BlackRock
Financial market infrastructure is often invisible to investors, yet it powers every trade, settlement, and ownership record across capital markets. As technology evolves, tokenization is emerging as a new way …
Notes de l’épisode
Financial market infrastructure is often invisible to investors, yet it powers every trade, settlement, and ownership record across capital markets. As technology evolves, tokenization is emerging as a new way to represent and transfer financial assets, raising questions about how markets may operate in the future.
In this episode of The Bid, Oscar Pulido speaks with Rob Goldstein, Chief Operating Officer at BlackRock. They discuss what tokenization means in practice, how it differs from cryptocurrencies, and why digital assets are drawing increased attention from investors, institutions, and policymakers.
The conversation explores how tokenization could improve access, efficiency, and connectivity across financial markets. Rob also shares his perspective on the coexistence of traditional financial systems and digital assets, the role of digital wallets, and the regulatory developments that could shape adoption in the years ahead.
Key insights:
· How tokenization creates digital representations of financial assets
· Why tokenization differs from cryptocurrencies and Bitcoin
· How digital wallets could expand access to capital markets
· Why traditional finance and digital assets may coexist
· What role blockchain technology plays in financial infrastructure
· How regulation could influence the future of tokenized markets
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Key moments in this episode:
00:00 Tokenization Success Metrics
00:33 Markets Plumbing Shift
01:56 Welcome and Guest Intro
03:25 Defining Tokens and Wallets
06:07 Global Access and Wallet Growth
08:49 Traditional Finance Complexity
11:45 Bridging TradFi and Digital
13:45 Crypto vs Tokenization
16:57 Phone as Portfolio Hub
18:11 Op-Ed and Tech Evolution
22:09 Digital Assets in Portfolios
23:33 What Must Happen Next
25:08 Keep It Simple for Users
26:46 Closing Thoughts and Wrap
27:54 Outro and Disclosures
Tokenization, Digital assets, Financial market infrastructure, Capital markets, Blockchain technology, Digital wallets, Investing innovation, Financial technology
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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263: Asia’s Infrastructure Moment: The Investment Opportunity Behind the Energy Transition
Asia infrastructure investing is becoming central to the global energy transition as rising demand, energy security concerns, and the need for more resilient systems accelerate capital deployment across the …
Notes de l’épisode
Asia infrastructure investing is becoming central to the global energy transition as rising demand, energy security concerns, and the need for more resilient systems accelerate capital deployment across the region. In Southeast Asia, the opportunity is not only about replacing old systems, but building new infrastructure at scale for a growing economy.
In this episode of The Bid, host Oscar Pulido speaks live from Ecosperity in Singapore with Salim Samaha, Global Head of Energy at Global Infrastructure Partners, a part of BlackRock, and Heidi Yip, Head of Sustainable and Transition Solutions for Asia Pacific at BlackRock. Together, they discuss how the infrastructure opportunity is evolving globally, why Asia’s transition differs from Western markets, and where investors are seeing momentum across renewables, grids, storage, and system flexibility.
Key insights include:
· How Asia’s infrastructure build-out differs from Western markets
· Why energy security is becoming inseparable from the energy transition
· Where capital is flowing across renewables, grids, storage, and interconnection
· How public-private partnerships can help mobilize transition finance
· Why execution bottlenecks, permitting, and offtake frameworks remain critical
· Where AI, innovation, and rising demand may reshape future infrastructure needs
Key moments:
00:00 Asia Infrastructure Boom
01:06 Live From EcoSperity
03:16 Energy Transition Now
04:20 Southeast Asia Grid Challenge
06:43 West vs Asia Reality Check
08:58 How APAC Investors Deploy Capital
11:26 Scaling Projects and Labor Crunch
13:17 Where Capital Flows and Bottlenecks
15:13 Five Year Outlook and Innovation
17:23 Wrap Up and Disclosures
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Asia infrastructure investing, energy transition, infrastructure, capital markets, megaforces, renewables, energy security, sustainable investing
Sources: IEA World Energy Investments 2025, Southeast Asia; IEA World Energy Investments 2024; IEA Global Energy Review 2026, Electricity generation mix for selected regions, 2025; IEA Integrating Solar and Wind in Southeast Asia; IEA Southeast Asia Energy Outlook 2024; IEA Global Energy Review 2026, Electricity generation mix for selected regions, 2025; Singapore Monetary Authority Press Release 2024; IEA data and charts energy investments; Urban Population in Southeast Asia, 2023-2050, IEA
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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262: What Do ETFs in Asia Mean for Investors in Today’s Markets?
ETFs in Asia have grown significantly since the global financial crisis, but their role is changing. What began as a way to access markets is now expanding into broader portfolio applications as investors face …
Notes de l’épisode
ETFs in Asia have grown significantly since the global financial crisis, but their role is changing. What began as a way to access markets is now expanding into broader portfolio applications as investors face more complex market conditions.
In this episode of The Bid, Oscar Pulido speaks with Christian Obrist, Head of iShares Distribution in Asia, and Nick Peach, Head of iShares Asia Pacific at BlackRock. They discuss how ETF usage in the region has developed and how investors are applying them across different strategies.
The conversation explores how education has shifted from fundamentals to advanced use cases, including liquidity management, tactical allocation, and operational efficiency. It also highlights the role of digital investors, the importance of local market development, and how ETFs are becoming more integrated into portfolio construction.
Key moments in this episode
00:00 Introduction
02:15 How ETF usage in Asia has moved beyond market access
03:55 Why ETF investor education is shifting toward advanced applications
05:15 Active ETFs and Efficiency
06:43 Asia Ecosystem Differences
07:40 How digital investors are influencing ETF adoption
08:59 Why local market listings matter for ETF accessibility
11:27 How ETFs are becoming more integrated into portfolio construction
13:52 Asia Weekend Travel Picks
15:05 Wrap Up and Disclosures
Sources: BlackRock client Survey May 2026
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ETFs Asia, ETF adoption, portfolio construction, Asia markets, digital investors, liquidity management, passive investing
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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261: Why Are Global Investors Looking to Asia As An Investment Destination?
Asia has often been viewed as a long-term growth story, but its role in global markets is becoming more immediate. The region now represents a significant share of global GDP and listed companies, while …
Notes de l’épisode
Asia has often been viewed as a long-term growth story, but its role in global markets is becoming more immediate. The region now represents a significant share of global GDP and listed companies, while operating across distinct economic and policy cycles.
In this episode of The Bid, Oscar Pulido speaks with Aarti Angara, Head of Global Product Solutions in Asia Pacific at BlackRock. They examine why Asia is gaining more attention from investors and how opportunities are developing across equities and fixed income.
The conversation highlights the region’s diversity across countries, sectors, and growth drivers. It also explores themes such as AI-related manufacturing, domestic consumption in emerging markets, Japan’s shift in corporate behavior, and the role of Asian bond markets in diversification
Key moments in this episode:
00:00 Introduction
02:23 How Asia’s scale is influencing its role in global portfolios
04:20 Why policy and economic cycles differ across the region
07:10 Why Japan’s corporate and inflation dynamics are drawing attention
08:36 Where AI-related manufacturing is concentrated
10:20 How domestic consumption is developing in India and Southeast Asia
12:47 How Asian fixed income behaves differently from developed markets
14:35 How to Allocate in Asia
17:42 Singapore Travel Tips
18:50 Wrap Up and Disclosures
Sources: Bloomberg May 12th 2026,
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Asia investing, APAC markets, Asian equities, Asian fixed income, Japan economy, AI supply chain, emerging Asia, portfolio diversification, Asia equity markets
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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260: The Top Retirement Trends That Are Reshaping Investing, Income and Longevity
Retirement systems are undergoing a structural shift as traditional pensions decline and individuals take on greater responsibility for financial outcomes. Longer lifespans and evolving capital markets are …
Notes de l’épisode
Retirement systems are undergoing a structural shift as traditional pensions decline and individuals take on greater responsibility for financial outcomes. Longer lifespans and evolving capital markets are making retirement planning more complex and consequential.
Oscar Pulido speaks with Nick Nefouse, Global Head of Retirement Solutions at BlackRock. They discuss how defined contribution plans, target date funds, and regulatory changes are reshaping how individuals save, invest, and prepare for retirement.
The conversation explores how retirement is moving from a focus on accumulation to income generation, particularly during the “retirement window.” It also highlights how global systems are converging toward similar models, and how innovation—across portfolio construction, private markets, and guaranteed income—is influencing long-term outcomes.
Key insights:
· How the shift from pensions to defined contribution plans is changing investor responsibility
· Why longevity is reshaping retirement timelines and financial planning needs
· How target date funds are simplifying access to capital markets for individuals
· What the “retirement window” reveals about diverging investor outcomes
· Where global retirement systems are converging despite regional differences
· How income generation is becoming central to retirement portfolio design
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Key moments in this episode:
00:00 Introduction to retirement trends
02:00 Shift from pensions to defined contribution plans
04:30 The role of target date funds and regulation
6:00 The retirement “window” and investor behavior
8:00 Expanding access to retirement plans
10:00 Global retirement system comparisons
14:00 Retirement vs. wealth management convergence
16:00 Market volatility and long-term investing
18:00 The future of retirement systems and innovation
Sources: BlackRock Retirement Trends Report, 2025; Federal Reserve Bank of St. Louis, “Pension or 401(k)? Retirement Plan Trends in the U.S. Workplace,” 2025
retirement trends, retirement planning, defined contribution, 401k, target date funds, longevity, financial planning, investing,
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. The views expressed by third‑party speakers are their own and do not necessarily reflect the views or positions of BlackRock, nor should they be interpreted as an endorsement by BlackRock. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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259: Cryptoassets At A Crossroads: Volatility, Adoption, and Changing Investor Perspectives
Crypto investing is at a crossroads as digital assets move from speculative beginnings toward broader institutional adoption and integration into capital markets. As volatility persists and infrastructure …
Notes de l’épisode
Crypto investing is at a crossroads as digital assets move from speculative beginnings toward broader institutional adoption and integration into capital markets. As volatility persists and infrastructure evolves, investors are increasingly asking not what crypto is—but what role it plays in portfolios.
Host Oscar Pulido is joined by Robbie Mitchnick, Head of Digital Assets at BlackRock, and Dan Morehead, CEO of Pantera Capital, live from Miami at BlackRock’s Latin America Investment Forum. Together, they explore how crypto investing has evolved, why institutional participation is accelerating, and how investors are reassessing digital assets within diversified portfolios. The conversation examines the dual nature of crypto as both a volatile, risk-sensitive asset and a potential long-term diversifier. Robbie outlines how bitcoin’s unique characteristics—scarcity, decentralization, and independence from sovereign systems—differentiate it from traditional assets in capital markets. Dan reflects on early conviction in crypto and why institutional adoption may still be in its early stages, despite growing awareness.
Check out our previous episode on Gold and Bitcoin as Portfolio Diversifiers: Why Interest Is Rising Now: https://open.spotify.com/episode/7LTut5pKnHVfrOdoAFM5r9
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Key moments in this episode:
00:00 Introduction
03:30 Early conviction in crypto investing
05:00 Crypto as a portfolio asset
08:00 Understanding volatility and cycles
10:10 Bitcoin vs. Ethereum and market structure
12:00 Institutional adoption trends
15:00 Crypto in Latin America
17:00 Retail vs institutional investors
19:00 Future of crypto investing and regulation
21:00 AI and blockchain convergence
23:00 Closing thoughts
Sources: Bitcoin market cap, Forbes April 19th 2026; Transforming Global Trade: Bitso Business at the Forefront of Blockchain”, Bitso Business 2025
crypto investing, bitcoin, ethereum, digital assets, blockchain
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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258: Portfolio Construction for a Changing World: Adapting to A Market Regime Shift
Portfolio construction is being redefined as investors face a fundamentally different market regime. Higher inflation, shifting interest rate dynamics, and accelerating megaforces like AI and geopolitics are …
Notes de l’épisode
Portfolio construction is being redefined as investors face a fundamentally different market regime. Higher inflation, shifting interest rate dynamics, and accelerating megaforces like AI and geopolitics are challenging long-held assumptions about diversification and asset allocation across capital markets.
In this episode of The Bid, host Oscar Pulido sits down with Vivek Paul, Head of Portfolio Research and UK Chief Investment Strategist at the BlackRock Investment Institute. Together, they explore why traditional portfolio construction frameworks may no longer be sufficient and how investors are adapting to a world of greater uncertainty, dispersion, and structural change. Vivek explains how megaforces such as AI investing and geopolitical fragmentation are creating unprecedented outcomes across markets, making static asset allocation less effective. He outlines why portfolio construction must become more dynamic and granular, with a deeper focus on underlying risk exposures rather than broad asset class buckets. The conversation also examines the growing importance of private markets, active strategies, and scenario analysis in navigating today’s environment.
Timestamps
00:00 Introduction
01:56 What’s driving the shift in portfolio construction
03:24 Megaforces: AI and geopolitics
06:15 Rethinking traditional asset allocation
09:27 Diversification in a new regime
12:10 Total Portfolio Approach: Private markets and active strategies
14:28 Scenario analysis and future outcomes
17:48 Risks and maintaining structure
19:00 Key takeaways
Sources: Rethinking portfolio construction during transformation, BII February 2026
portfolio construction, capital markets, AI investing, megaforces, asset allocation, private markets, stock market trends, investing strategy, diversification
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
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257: Beyond The Magnificent Seven: Discovering Equity Opportunities in The S&P 493
The S&P 493 is gaining attention as investors look beyond the Magnificent Seven and reassess where growth and diversification may come from in today’s equity markets. With market concentration at historic …
Notes de l’épisode
The S&P 493 is gaining attention as investors look beyond the Magnificent Seven and reassess where growth and diversification may come from in today’s equity markets. With market concentration at historic highs, a handful of mega cap companies have driven much of the S&P 500’s returns, raising questions about what lies beneath the surface.
In this episode of The Bid, host Oscar Pulido speaks with Ibrahim Kanan, Head of the U.S. Core Equity Team within BlackRock’s Fundamental Equities Group, about the growing relevance of the S&P 493 — the broader set of companies outside the largest names. They explore how market concentration has evolved, why a $200 billion company represents only a small fraction of the index, and what that means for portfolio exposure.
The conversation highlights how earnings growth is beginning to broaden beyond mega cap stocks, supported in part by the expanding impact of AI investment across sectors. From industrials and healthcare to consumer and financials, companies are both benefiting from AI infrastructure spending and adopting AI to improve operations. As dispersion across companies increases, the discussion also examines how active investing, differentiation, and stock selection may play a larger role in navigating today’s equity market.
Key moments in this episode:
00:00 Introduction
01:24 How Unprecedented Is 40% market Concentration of Magnificent Seven?
03:35 What the S&P 493 represents
05:28 Best of the Rest Signals
07:21 Earnings Growth and Convergence Explained
08:04 AI CapEx Spreads Beyond Nvidia
10:31 AI as a Competitive Edge
13:14 Where Opportunities Show Up
14:35 Beyond AI and Idiosyncratic Picks
15:44 Diversification Mirage and Active Risk
18:04 Investor Mindset in Volatile Markets
19:56 Wrap Up
Check out this episode with Carrie King on her stock picks for 2026: https://open.spotify.com/episode/69Ndp7lM8wRRccLh7EfyPg
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S&P 493, Magnificent Seven, US equities, stock market trends, AI investing, capital markets, active investing, portfolio diversification
Sources: BlackRock Fundamental Equities with data from FactSet and Bloomberg as of 12/31/25; Yahoo Finance, Stock Prices for NVDA and HAS, US ISM Manufacturing PMI 2026; “Here's the Average Stock Market Return in the Last 15 Years and What Wall Street Expects in 2025”, Yahoo Finance January 2025; “‘Magnificent-7’ Q4 2024 Earnings Review: Growth Holds, but Rotation Awaits” LSEG March 2025
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
256: AI and Bond Markets: How Artificial Intelligence Is Reshaping Fixed Income Investing
AI and bond markets are becoming increasingly interconnected as artificial intelligence reshapes capital demand, market structure, and investing approaches across fixed income. As inflation regimes shift and …
Notes de l’épisode
AI and bond markets are becoming increasingly interconnected as artificial intelligence reshapes capital demand, market structure, and investing approaches across fixed income. As inflation regimes shift and traditional diversification dynamics evolve, investors are rethinking the role bonds play in portfolios.
In this episode of The Bid, host Oscar Pulido speaks with Jeff Rosenberg, Senior Fixed Income Portfolio Manager at BlackRock Systematic, about how AI and bond markets are evolving together. They explore how the rise of artificial intelligence is driving a new wave of capital investment, influencing real interest rates, and increasing debt issuance as companies finance AI infrastructure through bond markets.
The conversation also examines how AI and bond markets intersect at the investment level. Rosenberg explains how advances in machine learning and generative AI are enhancing systematic investing, improving tools like sentiment analysis, and enabling deeper insights across thousands of issuers, central banks, and global markets.
Finally, they discuss how modernization in fixed income — including electronic trading and the growth of bond ETFs — is transforming liquidity and price discovery. Together, these shifts are creating new opportunities and challenges for investors navigating a more complex and data-driven bond market.
Key insights in this episode:
00:00 Introduction to AI and Bonds
02:20 From GFC to Post COVID - How bond markets have changed over time
03:31 Bonds Beyond Ballast
05:20 Inflation, rates, and diversification challenges
06:53 Debt issuance and AI financing trends
08:42 Generative AI Toolkit - using AI in fixed income investing
10:14 ETFs and Price Discovery
12:33 Systematic Investing and Data-Driven Strategies at Scale
14:43 The Future of Bond Markets and AI and Technology
17:04 Wrap Up and Disclosures
Sources: Stock-Bond Diversification Offers Less Protection From Market Selloffs, IMF article, February 2026; “On Secular Stagnation in the Industrialized World”, Paper released by Harvard and Bank of England, 2019; “Financing the AI boom: from cash flows to debt”, BIS Bulletin paper, January 2026; ‘AI is eating software’ and it is redefining supply chain decision-making as a result”, Supply Chain Management Review article, 2026; How AI is transforming Investing”, BlackRock 2026; The economic potential of generative AI: The next productivity frontier”, McKinsey 2026; “40 years of innovation in pursuit of alpha”, BlackRock, 2025; “Key Trends in Credit Markets for 2025” Barclays 2025
AI and bond markets, fixed income investing, AI investing, bond market trends, systematic investing, capital markets, interest rates, bond ETFs
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
255: The Rise of Private Markets: Access, Liquidity, and Portfolio Diversification
Private markets are moving from the sidelines of institutional portfolios into the mainstream of wealth management. As companies stay private longer and financing increasingly happens outside public exchanges …
Notes de l’épisode
Private markets are moving from the sidelines of institutional portfolios into the mainstream of wealth management. As companies stay private longer and financing increasingly happens outside public exchanges, investors are beginning to rethink how broad the traditional investment universe really is. The shift is raising a new question for portfolios: should investors be looking beyond public markets to access the full range of opportunities across capital markets?
In this episode of The Bid, host Oscar Pulido speaks with Jon Diorio, Head of Product and Alternatives for BlackRock’s U.S. Wealth Business, live from the Future Proof Citywide conference in Miami. Together they explore why interest in private markets has accelerated in recent years, how access for individual investors has expanded, and what’s driving greater adoption among financial advisors.
They also discuss how private markets differ from public markets — including liquidity considerations, longer investment horizons, and the potential role of what’s often called an “illiquidity premium.” The conversation explores how private equity, private credit, infrastructure, and real estate investments may fit within diversified portfolios, why education and due diligence remain essential, and how the industry is evolving to integrate private assets more seamlessly into modern portfolio construction.
Key insights from this episode:
00:00 Introduction
02:11 What are private markets and alternatives and Why Now?
03:09 Why companies are staying private longer
04:54 How access to private markets has expanded
06:46 Are Private Markets for Everyone?
08:33 Liquidity, time horizons, and the illiquidity premium
11:33 How advisors integrate private markets into portfolios
13:58 Challenges and due diligence in private markets
15:21 Next Steps and Wrap Up
16:59 Outro and Disclosures
Sources: Bloomberg as at 12/31/2025, BlackRock US Wealth Survey Internal
private markets investing, private equity, private credit, alternatives investing, portfolio diversification, capital markets, wealth management, investment strategies
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
254: Alternative Investing: Finding Diversification in Volatile AI-driven Markets
Alternative investing is moving from a niche allocation to a core portfolio conversation. As volatility returns, interest rates reset higher, AI accelerates capital spending, and fiscal deficits expand …
Notes de l’épisode
Alternative investing is moving from a niche allocation to a core portfolio conversation. As volatility returns, interest rates reset higher, AI accelerates capital spending, and fiscal deficits expand, investors are reassessing what diversification really means. In a world where stocks and bonds can move together and macro forces dominate markets, traditional portfolio frameworks are under pressure.
In this episode of The Bid, host Oscar Pulido revisits conversations with investors and strategists across BlackRock to explore why alternative investing is gaining renewed attention. From private equity, private credit, and infrastructure to hedge fund strategies, gold, and digital assets, the episode examines how alternatives are being used to broaden return drivers and navigate today’s regime shift in capital markets.
The discussion highlights how structural megaforces — including AI buildout, geopolitical fragmentation, and fiscal expansion — are reshaping opportunity sets. Private markets offer exposure to long-duration capital themes and potential illiquidity premia, though with liquidity tradeoffs and manager dispersion. Hedge fund strategies aim to capture rising market dispersion through flexible long/short and systematic approaches. Infrastructure sits at the center of AI-driven energy demand and essential services. Meanwhile, gold and digital assets are increasingly viewed as monetary alternatives with distinct risk-return profiles. As portfolio construction evolves beyond the traditional 60/40 model, alternative investing is becoming part of a broader shift toward expanding diversification tools in volatile markets.
Check out the previous episodes featured in this episode in this playlist on Alternative Investments: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI
Key insights from this episode:
00:00 Introduction
01:08 Why traditional diversification has become harder in AI-driven markets
03:22 Defining Alternative Investing
04:00 How private markets have grown — and what tradeoffs they introduce
06:04 Infrastructure The AI Buildout: Where infrastructure investing connects to AI and energy demand
08:37 Liquid Alternatives & Hedge Fund Strategies
12:12 Systematic Alpha In Volatility
13:36 How gold and digital assets fit into the evolving diversification toolkit
18:38 Rethinking Portfolio Mix
19:22 Wrap Up And Next Episode
Alternative investing explained, private equity, private credit, hedge fund strategies, infrastructure investing, AI capital spending, portfolio diversification, 60/40 portfolio shift, digital assets, bitcoin investing, gold investing, capital markets outlook, alternative investing
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
253: Emerging Markets: How Investors are Responding to Shifting Global Paradigm
Emerging markets are back in focus in 2026 — not just as a cyclical trade, but as investors reassess performance leadership, diversification, and where growth is showing up in a shifting global paradigm. After …
Notes de l’épisode
Emerging markets are back in focus in 2026 — not just as a cyclical trade, but as investors reassess performance leadership, diversification, and where growth is showing up in a shifting global paradigm. After a long stretch of disappointing returns, emerging markets have started the year strongly, alongside record interest from global investors. But the case for EM today is less about a single story — and more about dispersion across countries, sectors, and themes.
In this episode of The Bid, host Oscar Pulido is joined by Alex Brazier, Global Head of Investment and Portfolio Solutions, and Sam Vecht, Portfolio Manager on BlackRock’s Global Emerging Markets Equities team. Alex shares what he’s hearing from investors across the U.S. and Europe, including the role of flows, sentiment, and portfolio positioning. Sam brings a bottom-up perspective on how emerging markets have evolved over the past two decades — and why market pricing hasn’t always reflected economic progress.
Together, they explore why emerging markets may play a different role in portfolios today: providing exposure to distinct parts of the AI buildout, offering potentially different valuation and earnings dynamics than developed markets, and responding differently to U.S. dollar moves. The conversation also highlights where opportunities may be emerging beneath the surface — from under-owned regions like Latin America and parts of the Middle East, to shifting sentiment around India — while underscoring the reality that EM remains volatile, cyclical, and highly heterogeneous.
Key moments in this episode:
00:00 Introduction
01:56 Why emerging markets are drawing renewed investor attention in 2026
04:58 Two Decades of Underperformance
06:16 Explaining The Diversification Mirage
10:31 Where emerging markets can broaden portfolios — and where correlations still matter
13:00 How Investors Can Get Exposure To Emerging Markets
16:55 How dispersion across regions is driving more selective, active approaches
19:09 Conclusions and Next Episode
Sources: BlackRock, data based on 1,245 EMEA survey submissions in February 3rd rapid response client call; BlackRock calculated using Aladdin data; “World Economic Outlook, Global Economy in Flux, Prospects Remain Dim”, IMF, October 2025; Bloomberg as at Dec 2025; BlackRock, Global Business Intelligence, as at 20 Feb 2026; BlackRock, Morningstar, Aladdin. Portfolio average allocation based on 166 Europe-domiciled Morningstar moderate-risk multi-asset FoF portfolios, positioning as of 31 December 2025. Global index refers to MSCI All Country World Index.
Emerging markets, Emerging markets investing, Capital markets, Global diversification, AI investing, U.S. dollar, Latin America equities, India markets, Middle East markets, Global portfolio strategy
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
252: The K-Shaped Consumer Economy: GLP-1s, AI and the Future of Consumer Spending
The K-shaped consumer is redefining the outlook for the U.S. economy. While overall spending remains resilient, growth is increasingly concentrated among higher-income households, creating widening gaps across …
Notes de l’épisode
The K-shaped consumer is redefining the outlook for the U.S. economy. While overall spending remains resilient, growth is increasingly concentrated among higher-income households, creating widening gaps across income levels. As policy shifts, AI adoption, and healthcare innovations reshape behavior, the consumer landscape is becoming more uneven.
In this episode of The Bid, host Oscar Pulido is joined by Lisa Yang, Portfolio Manager and Co-Head of the Consumer Industry Group within BlackRock Fundamental Equities, to assess the state of the U.S. consumer heading into 2026. From wage growth and labor market dynamics to fiscal policy, tariffs, and immigration, Lisa explains how macro forces are influencing spending patterns — and why resilience is strongest at the high end. The conversation also explores structural shifts shaping stock market trends, including the rise of value-focused retailers, the impact of GLP-1 weight-loss drugs on food and apparel demand, and how AI-driven “agentic commerce” could transform retail media and brand discovery. As capital markets digest these changes, understanding the nuances of consumer behavior is critical for investors.
Key insights from this episode:
02:11 Introducing The "Two Speed Consumer"
04:26 Yellow Flags Ahead - Why the U.S. Consumer Remains Resilient But increasingly K-shaped
05:46 Policy Shocks 2026 - How fiscal policy and tariffs could widen income-driven spending gaps
08:45 Why Value Retailers and Discounters are Outperforming
12:01 GLP One Ripple Effects - How GLP-1 Drugs Are Reshaping Grocery, Apparel, and Beauty categories
14:40 How AI Will Change Shopping Trends - What agentic commerce means for retailers, brands, and advertising models
17:43 Other Trends Watchlist - Why Health and Wellness Remains A Durable Long-term Consumer Trend
20:02 Conclusions
K-shaped economy, U.S. consumer spending, AI in retail, GLP-1 drugs, capital markets, stock market trends, consumer investing, megaforces
Sources: “Advance Monthly Sales for Retail and Food Services” February 2026, United States Census Bureau; US Bureau of Economic Analysis (PCE data); FRED 2026, Bureau of Labor Statistics; Wage Growth Data, January 2026, Federal Reserve of Atlanta; Tax refunds per Morgan Stanley, Piper Sandler estimates; “US food outlook 2026”, Bernstein; “GLP-1 Boom Accelerates Nationwide Shift in Size Curves, Putting $5 Billion in U.S. Apparel Retail Inventory at Risk, According to New Impact Analytics Study”, Global Newswire, September 2025
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
251: The Infrastructure Buildout and the Skilled Trades We’re Missing
Skilled trades are becoming one of the most important — and overlooked — drivers of the global infrastructure boom. As trillions of dollars flow into energy systems, transportation networks, telecoms, and AI …
Notes de l’épisode
Skilled trades are becoming one of the most important — and overlooked — drivers of the global infrastructure boom. As trillions of dollars flow into energy systems, transportation networks, telecoms, and AI data centers, the constraint is no longer just capital — it’s labor. The scale of the infrastructure buildout is historic, but delivering it depends on the availability of trained workers.
In this episode of The Bid, host Oscar Pulido is joined by Claire Chamberlain, Global Head of Social Impact and President of the BlackRock Foundation, and Sandra Lawson, Managing Director in Global Corporate Affairs, to explore why skilled trades are central to the next phase of infrastructure investing. With an estimated $85 trillion in global infrastructure investment needed over the next 15 years, demand for electricians, HVAC technicians, grid specialists and plumbers is accelerating.
Claire and Sandra explain how apprenticeship-based career pathways offer paid training, competitive wages, and the prospect of long-term financial stability — while also highlighting the growing supply-demand imbalance in the labor market. The conversation explores how philanthropy, employers, unions, schools, and policymakers can work together to expand training capacity and modernize workforce development. As megaforces like AI and infrastructure reshape capital markets, human capital will be just as critical as financial capital in determining long-term economic success.
Key moments:
00:00 Introduction and meet the guests
02:13 WWhat the $85 trillion infrastructure opportunity means for labor markets
03:54 Why AI and infrastructure are increasing demand for specialized workers
04:45 Why Are These Skilled Jobs Good Jobs?
07:15 Training Pipeline Worker Shortage
08:43 Philanthropy as Catalyst For The Infrastructure Skilled Trades Requirement
10:41 What success looks like for workforce development in an infrastructure-driven economy
12:56 Rethinking Going to College vs Apprenticeships and Skilled Trades
15:25 How collaboration among employers, unions schools, and philanthropy can expand training capacity
17:19 Wrap Up and Disclosure
Skilled trades, infrastructure investing, workforce development, capital markets, AI infrastructure, megaforces, economic growth, energy transition
Sources: “On the record: Infrastructure and the opportunity in skilled trades”, BlackRock 2026
Written Disclosures In Episode Description:
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
250: Powering AI 2.0: Why the AI Boom Is Becoming an Energy Story
Powering AI is no longer just a technology story — it’s an energy and infrastructure story reshaping capital markets and the global economy. As artificial intelligence scales from training to real-world …
Notes de l’épisode
Powering AI is no longer just a technology story — it’s an energy and infrastructure story reshaping capital markets and the global economy. As artificial intelligence scales from training to real-world inference, electricity demand is accelerating at a pace few anticipated.
In this episode of The Bid, host Oscar Pulido is joined by Will Su from BlackRock’s Fundamental Equities Group to examine how powering AI is transforming utilities, natural gas markets, renewables, and nuclear power. With data centers expanding rapidly and gigawatt-scale facilities coming online, the AI build-out is driving a structural shift in U.S. electricity demand after more than a decade of stagnation.
Will explains why the energy sector sits at the center of AI investing. From the rise of “bring your own power” models to the growing role of natural gas as a dispatchable, scalable fuel source, the infrastructure required to support AI represents one of the largest capital investment cycles in modern history. The conversation also explores renewables, battery storage, and nuclear power — including the limits of restarts and the long timeline for new reactor construction.
Key moments:
00:00 Introduction Power Is Knowledge: AI’s Exponential Energy Appetite
02:31 From Tokens to ‘Yottaflops’: Why Smarter Models Need More Electricity
05:04 Training LLMs vs. Inference: The Next Wave of AI Power Demand
06:45 Data Centers at City Scale: How Big Is the Load?
11:15 Bring Your Own Power (BYOP): Why Natural Gas Is Back in Focus
16:04 Renewables Reality Check: Solar Momentum, Wind Headwinds, and Batteries
19:14 Nuclear’s Comeback - Restarts Now, New Builds Later
21:26 Can AI Beat Humans at Investing? Man + Machine as the Edge
23:33 Wrap-Up, What’s Next
Check out Will's first episode on AI and energy on Spotify: https://open.spotify.com/episode/6wgKwkSLqmXFdG0qvW6Kov?si=I0R6YfbcSASC2BvcnhUBTw
Or watch on YouTube: https://youtu.be/_AOkSc7usYQ
Powering AI 2.0, AI investing, infrastructure, capital markets, energy transition, utilities, stock market trends, megaforces
Sources: “From CES 2026 to Yottaflops: Why the AMD Keynote Highlights a Turning Point for AI Compute”, AMD 2026; “The Industrial Revolution, coal mining, and the Felling Colliery Disaster”, Lancaster University, 2026; Bureau of Economic Analysis data 2026; “Stargate's First Data Center Site is Size of Central Park, With At Least 57 Jobs”, Bloomberg 2026; “Energy Demand from AI”, IEA 2026; “Scaling bigger, faster, cheaper data centers with smarter designs”, McKinsey 2025; EEI 2024 Review; “Data Centers Ditching the Power Grid, Mark Carney's Viral Speech, and Some Joy”, Clearview Energy; “2024 North American Energy Inventory”, IER;
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
249: Thematic Investing in 2026: AI, Defense, Infrastructure, and the Next Phase of Market Transformation
Thematic investing is increasingly shaping how investors interpret markets heading into 2026, as artificial intelligence, geopolitical fragmentation, and infrastructure constraints intersect across the global …
Notes de l’épisode
Thematic investing is increasingly shaping how investors interpret markets heading into 2026, as artificial intelligence, geopolitical fragmentation, and infrastructure constraints intersect across the global economy.
Jay Jacobs, Head of U.S. Equity ETFs at BlackRock, joins Oscar to discuss why mega forces are becoming harder to ignore—and harder to diversify away from—than in past market cycles. Their conversation explores how AI investing is evolving from a growth narrative into one focused on usage intensity, how national security considerations are reshaping the definition of defense, and why physical infrastructure is emerging as a critical market constraint.
Key insights include:
· Why thematic investing is gaining relevance alongside sector and style frameworks
· How AI usage intensity reframes the AI investment conversation
· Where infrastructure and energy constraints may influence adoption timelines
· How geopolitical fragmentation is expanding the definition of defense
· Why overlapping mega forces may shape market outcomes into 2026
Key moments in this episode:
00:00 Introduction to Thematic Investing in 2026: AI and Market Forces
00:40 The Rise of Thematic Investing
01:43 Deep Dive into AI's Market Impact
05:22 Understanding Token Consumption
07:55 Evaluating AI Investments
11:12 Geopolitical Fragmentation and Defense
13:51 Infrastructure's Evolving Role
16:42 Future of AI and Broader Implications
18:38 Conclusion and Final Thoughts
Thematic investing, AI investing, Capital markets, Infrastructure, Megaforces, Stock market trends, Geopolitical fragmentation, Defense spending
Sources: iShares Thematic Outlook, 2026
This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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