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Artificial intelligence has quickly moved beyond a technology discussion. It is now a major economic and investment question shaping markets, corporate spending, productivity expectations, and how investors think about future earnings growth. In this episode of Capital Considerations, Tony Roth speaks with UC Berkeley economist Martin Beraja about AI’s potential impact on productivity, business innovation, capital allocation, labor markets, and long-term economic growth. Martin explains why AI's greatest value may come from helping organizations learn faster, make better decisions, and improve outcomes over time. The conversation also explores what AI could mean for GDP growth, corporate investment, and the future of the U.S. economy. Tony and Martin discuss whether today’s significant spending on AI infrastructure may generate lasting returns, how leading technology companies could compete for dominance, and why investors may need to look beyond the hype to evaluate AI’s long-term impact on businesses, markets, and portfolio strategy.

Rising tensions in the Middle East and the war with Iran are reshaping the global energy landscape, with direct implications for markets, inflation, and everyday costs. In this episode, Tony Roth reconnects with geopolitical expert Teddy Bunzel to examine the escalating conflict in and around the Strait of Hormuz—and why disruptions at this critical chokepoint matter far beyond the region. Together, they explore the intersection of geopolitics, energy security, and global finance, breaking down how military strategy, sanctions, and shifting regional power dynamics could affect oil and gas markets. The conversation also considers potential paths forward—from escalation to ceasefire—and what different outcomes could mean for energy prices, global supply chains, and economic growth. For those assessing risks to markets, portfolios, or the broader economic outlook, this episode offers a clear, informed perspective on what’s at stake—and what may come next.

How far can artificial intelligence really take healthcare—and where are the investable opportunities today? As AI accelerates everything from diagnosis and physician productivity to drug discovery and clinical trials, the industry is entering a pivotal shift. But key questions remain. Listen as Tony Roth and Tom Lawry, managing director of Second Century Tech, break down how artificial intelligence is transforming healthcare, and what these shifts mean for investors. They also explore the breakthroughs redefining medical innovation, the efficiency gains transforming care delivery, and the economic constraints AI can’t solve just yet.

AI is entering a new phase—one where systems move from analyzing data to taking action. In this episode of Capital Considerations, Tony Roth and Swami Chandrasekaran, global head of AI and Data Labs at KPMG, break down how agentic AI can plan, reason, and execute tasks, unlocking new levels of productivity across finance, investing, and risk management. They explore where we are in the AI adoption curve, what’s holding back broad productivity gains, and which sectors and roles may be most transformed as agentic systems scale. They also discuss how data, compute, and trust will shape real-world adoption.

What’s fueling the collectibles boom—and where should investors tread carefully? CIO Tony Roth speaks and his guest Victoria Gray, founder of Insight Art & Collectibles Advisory, unpack the $2B auction week, surging demand for blue-chip art, watches, luxury goods, and even supercars. They dive into generational shifts, online auctions, the diamond market collapse, and why family offices now view collectibles as a serious asset class. Plus, hear practical tips for building—or responsibly unwinding—a collection.

Listed REITs are trading at deep discounts—creating a rare entry point for investors. Is now the time to seize the opportunity or should you wait for more certainty? In this episode, CIO Tony Roth talks with Rick Romano, Global Head and CIO of PGIM Real Estate Securities, about the state of commercial real estate—from AI-driven data centers to shifting urban office trends—and why REITs could outperform equities in the coming year.

What happens when cybercrime meets cutting-edge tech like AI and quantum computing? In this episode of Capital Considerations, host Tony Roth sits down with former FBI counterintelligence operative Eric O’Neill to explore the future of cybersecurity. From deepfakes and ransomware to digital defense strategies and investment opportunities, discover how individuals and institutions can stay ahead in a rapidly evolving threat landscape.

How is the shifting global trade and security landscape reshaping investment strategy and geopolitical risk? In this episode of Capital Considerations, CIO Tony Roth speaks with Teddy Bunzel, managing director and head of geopolitical advisory at Lazard, about a Supreme Court case that could redefine U.S. tariff authority, the ripple effects of current trade policies, and the challenges of reshoring manufacturing in a tight labor market. The episode also explores U.S.–China tensions, risks around Taiwan, and what these developments mean for investors navigating a rapidly changing world.

Crypto has been gaining momentum. Regulation is evolving. What could this mean for your portfolio? In this episode of Capital Considerations, Tony Roth welcomes Matt Hougan, CIO of Bitwise Asset Management, for a discussion on the future of crypto investing. They explore the potential impact of Bitcoin and Ethereum ETFs, the bipartisan Genius Act’s implications for U.S. crypto regulation, and how stablecoins could disrupt traditional banking. Whether you're new to crypto or a seasoned investor, this episode offers insights on regulatory trends, and crypto’s growing influence in the global economy.

2025 has already brought sweeping legislative changes, new tariffs, and significant regulatory shifts. While the economy is showing signs of resilience, challenges remain. Individuals are navigating persistent inflation on the goods side, and business owners are contending with rising input costs, cautious consumer behavior, and a volatile regulatory landscape. In today’s episode, we’re sharing a replay of a recent webinar held on Thursday, July 17. I was joined by our, Chief Economist, Luke Tilley, Chief Investment Strategist, Meghan Shue, and Head of U.S. Markets Dave DiLuigi, to discuss what these historic changes mean for the economy and markets. Our discussion centers on our 2025 Capital Markets Forecast: A Chutes & Ladders Economy—exploring how economic risks and opportunities are unfolding as we move into the second half of the year. We hope you find the discussion insightful.

Artificial intelligence, which has made remarkable strides in areas like language and imagery, is now beginning to revolutionize the life sciences. Listen as Tony Roth and his guest, Vik Bajaj, co-founder of Foresite Labs, explore the powerful convergence of AI and biotechnology. Unlike consumer applications, applying AI to biology requires generating entirely new datasets—often at great cost and complexity—to model and intervene in the most intricate systems of all: living organisms. The conversation explores the mission of Foresite Labs and how AI is transforming our understanding of health, disease, and the future of medicine.

On May 6, Head of Wealth Management Lisa Roberts moderated a conversation with Chief Investment Officer Tony Roth, Chief Investment Strategist Meghan Shue, and Chief Economist Luke Tilley where they examined policy, the economy, and markets 100 days into President Trump’s second term.  Topics covered during the conversation included: How key policy changes could shape the outlook for economic growth and inflation What it could mean for investors and business leaders moving forward The potential impact on portfolios in the short and long term

In this episode of Capital Considerations, Tony Roth and Shehzad Qazi, managing director at China Beige Book, offer an unfiltered analysis of China’s economic outlook and its complex relationship with the United States. While China's manufacturing and policy support are keeping growth afloat, deep-rooted challenges—from weak consumer demand to a faltering property sector—continue to cloud the picture.

On April 9, Head of Wealth Management Lisa Roberts moderated a discussion with our investment team on the current volatility and economic outlook. Chief Investment Officer Tony Roth, Chief Investment Strategist Meghan Shue, and Chief Economist Luke Tilley shared valuable insights on the recent market drawdown1Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. and what they are watching in the weeks ahead. During the conversation, the team provided insight on:  Their expectation for recession What they believe the impact tariffs will have on the economy The resiliency of the U.S. economy

Advancements in AI algorithms are shifting the balance between computing power and efficiency, reducing reliance on high-powered GPUs and accelerating AI democratization. CIO Tony Roth and Anshumali Shrivastava, a computer science professor at Rice University and founder of Third AI Corp explore the revolutionary impact of DeepSeek on the AI ecosystem and delve into AI’s growing role in industries from finance to education, the implications for white- and blue-collar jobs, and how AI-driven advancements could redefine global productivity, economic policy, and even medicine.