The Bid - An Investing Podcast from BlackRock

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.
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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.

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.

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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.

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.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.