Artificial intelligence is one of the most powerful forces reshaping the global economy, technology, and investing. But understanding AI requires looking at the full story — where it began, how it is unfolding, and where it is headed next.

With recent headlines in OpenAI from its $100bn Nvidia investment to its release of Sora, this special in-depth episode of The Bid brings together highlights from across our conversations with BlackRock experts to trace the arc of AI’s evolution: its origins, today’s massive infrastructure build-out, the unprecedented power demand it creates, its adoption across industries, its geopolitical stakes, and what lies ahead for investors.

Key themes:

• The history and milestones that shaped AI as an investment theme
• The massive infrastructure and capital fueling the AI build-out
• Why AI’s energy demands could reshape global power consumption
• How AI adoption is boosting productivity and changing work
• AI as a geopolitical competition between nations
• What the exponential future of AI may bring for markets

Key moments in this episode:

00:00 Introduction to a reflection on AI

00:20 The Evolution of AI: From Theory to Practice

00:56 The Investment Landscape of AI

01:45 Historical Milestones in AI

05:08 The Build-Out Phase of AI Infrastructure

07:25 Energy Demands of AI

09:43 Adoption and Transformation of AI

10:57 AI in Geopolitical Competition

12:09 The Future of AI: Layers of Opportunity

16:16 Conclusion and Investor Insights

Check out this playlist to learn more about AI investing: https://open.spotify.com/playlist/1rt6kLl0fzg9D7puEkAupq

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Sources: Capex spend from BlackRock Investment Institute, Reuters, October 2024; ; “North America Data Center Trends H2 2023”, CBRE 2024;

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