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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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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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.

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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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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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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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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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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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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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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