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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  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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.

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  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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.

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. 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS   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.

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. 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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.

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.

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

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 constraintsWhy scarcity has become a defining macroeconomic themeHow "polyfurcation" changes the way investors think about uncertaintyWhy infrastructure is becoming central to the AI investment storyHow portfolios may evolve beyond traditional asset class diversificationWhere 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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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,  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.