The Bid

Powering AI 2.0 is no longer just a technology story — it’s an energy and infrastructure story reshaping capital markets and the global economy. As artificial intelligence scales from training to real-world inference, electricity demand is accelerating at a pace few anticipated.
In this episode of The Bid, host Oscar Pulido is joined by Will Su from BlackRock’s Fundamental Equities Group to examine how Powering AI 2.0 is transforming utilities, natural gas markets, renewables, and nuclear power. With data centers expanding rapidly and gigawatt-scale facilities coming online, the AI build-out is driving a structural shift in U.S. electricity demand after more than a decade of stagnation.
Will explains why the energy sector sits at the center of AI investing. From the rise of “bring your own power” models to the growing role of natural gas as a dispatchable, scalable fuel source, the infrastructure required to support AI represents one of the largest capital investment cycles in modern history. The conversation also explores renewables, battery storage, and nuclear power — including the limits of restarts and the long timeline for new reactor construction.
Key moments:
00:00 Introduction Power Is Knowledge: AI’s Exponential Energy Appetite
02:31 From Tokens to ‘Yottaflops’: Why Smarter Models Need More Electricity
05:04 Training LLMs vs. Inference: The Next Wave of AI Power Demand
06:45 Data Centers at City Scale: How Big Is the Load?
11:15 Bring Your Own Power (BYOP): Why Natural Gas Is Back in Focus
16:04 Renewables Reality Check: Solar Momentum, Wind Headwinds, and Batteries
19:14 Nuclear’s Comeback - Restarts Now, New Builds Later
21:26 Can AI Beat Humans at Investing? Man + Machine as the Edge
23:33 Wrap-Up, What’s Next

Key insights from this episode:
· Why natural gas has emerged as a key “here and now” fuel for AI infrastructure
· How renewables and battery storage fit into the AI electricity mix
· The long-term outlook for nuclear power and reactor construction
· What “bring your own power” means for hyperscalers and utilities
· How electrification and reshoring intersect with AI investing
· Why the relationship between compute and energy is reshaping stock market trends
Powering AI 2.0, AI investing, infrastructure, capital markets, energy transition, utilities, stock market trends, megaforces
Sources: “From CES 2026 to Yottaflops: Why the AMD Keynote Highlights a Turning Point for AI Compute”, AMD 2026; “The Industrial Revolution, coal mining, and the Felling Colliery Disaster”, Lancaster University, 2026; Bureau of Economic Analysis data 2026; “Stargate's First Data Center Site is Size of Central Park, With At Least 57 Jobs”, Bloomberg 2026; “Energy Demand from AI”, IEA 2026; “Scaling bigger, faster, cheaper data centers with smarter designs”, McKinsey 2025; EEI 2024 Review; “Data Centers Ditching the Power Grid, Mark Carney's Viral Speech, and Some Joy”, Clearview Energy; “2024 North American Energy Inventory”, IER;
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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Thematic investing is increasingly shaping how investors interpret markets heading into 2026, as artificial intelligence, geopolitical fragmentation, and infrastructure constraints intersect across the global economy.
Jay Jacobs, Head of U.S. Equity ETFs at BlackRock, joins Oscar to discuss why mega forces are becoming harder to ignore—and harder to diversify away from—than in past market cycles. Their conversation explores how AI investing is evolving from a growth narrative into one focused on usage intensity, how national security considerations are reshaping the definition of defense, and why physical infrastructure is emerging as a critical market constraint.
Key insights include:
· Why thematic investing is gaining relevance alongside sector and style frameworks
· How AI usage intensity reframes the AI investment conversation
· Where infrastructure and energy constraints may influence adoption timelines
· How geopolitical fragmentation is expanding the definition of defense
· Why overlapping mega forces may shape market outcomes into 2026

Key moments in this episode:
00:00 Introduction to Thematic Investing in 2026: AI and Market Forces
00:40 The Rise of Thematic Investing
01:43 Deep Dive into AI's Market Impact
05:22 Understanding Token Consumption
07:55 Evaluating AI Investments
11:12 Geopolitical Fragmentation and Defense
13:51 Infrastructure's Evolving Role
16:42 Future of AI and Broader Implications
18:38 Conclusion and Final Thoughts
Thematic investing, AI investing, Capital markets, Infrastructure, Megaforces, Stock market trends, Geopolitical fragmentation, Defense spending
Sources: iShares Thematic 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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Retirement planning is becoming more complex as careers grow less linear, lifespans extend, and financial decisions start earlier in life. From early-career savers to small business owners and those approaching retirement, people are asking how to build financial security while staying flexible in an unpredictable world.
In this Ask Me Anything episode of The Bid, host Oscar Pulido is joined by Jaime Magyera, Head of BlackRock’s U.S. Wealth Advisory and Retirement Businesses, to answer listener-submitted questions on retirement realities. Jaime shares perspectives drawn from her work with individual savers, financial advisors, and small business owners across the country.
The conversation reframes retirement as the freedom to choose what comes next, rather than a fixed end point. Jaime discusses the importance of starting early, maintaining discipline through market cycles, and building plans that can adapt as careers, families, and goals evolve. The episode also explores the role of professional advice, the challenges facing non-traditional career paths, and why preparation — not prediction — is central to long-term financial resilience.
Key insights include:
• Why retirement is best viewed as a transition, not a destination
• How starting early and staying invested can shape long-term outcomes
• Why flexible planning matters for non-linear careers and families
• What advisors should consider when working with small business owners
• How professional advice differs from social and digital guidance
• Why preparedness and emergency savings support financial resilience

Key moments in this episode:
00:00 Introduction to The Bid
00:50 Meet Jamie Magyera: Insights on Retirement Planning
01:48 Transitioning into Retirement: Key Considerations
04:05 Financial Planning for Younger Generations
06:41 Non-Traditional Retirement Timelines
09:56 Advisors and Small Business Owners: Planning for the Future
12:45 How To Build Long-Term Client Relationships
15:33 The Value of Professional Financial Advice
17:28 Conclusion and Key Takeaways
18:16 Closing Remarks and Up Next
retirement planning, financial security, wealth planning, capital markets, long-term investing,
Sources: BlackRock’s Read On Retirement Survey, September 2025
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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Hedge fund strategies are gaining renewed attention as market volatility rises and traditional stock and bond diversification becomes less reliable. With inflation uncertainty, shifting monetary policy, and growing macro instability, investors are reassessing how different sources of return and risk management show up across capital markets.
In this episode of The Bid, host Oscar Pulido speaks with Mike Pyle, Deputy Head of BlackRock’s Portfolio Management Group, about how hedge fund strategies work and why they are being re-examined in today’s environment. Mike explains what defines hedge fund strategies, how their flexibility seeks to allow managers to express views more precisely, and why they can play different roles within portfolios depending on investor objectives.
They explore common misconceptions around hedge fund strategies, including the idea that they are inherently high risk or designed solely to outperform equities. Mike outlines how these strategies span a wide range of risk profiles and can be used for diversification due to their potentially lower correlation to traditional assets. The conversation also examines why macro volatility since 2021 has created a more favorable backdrop for hedge fund strategies, and how their ability to either navigate or reduce macro exposure is shaping investor interest.
Key moments in this episode:
00:00 Introduction: Navigating Uncertainty in Today's Market
03:57 Debunking Myths About Hedge Funds
07:36 The Growing Interest in Hedge Funds Strategies
12:18 Hedge Funds vs. Other Alternatives
16:31 Evolution of the Hedge Fund Industry
18:28 Key Takeaways for Investors
19:41 Conclusion and Next Up
Key insights include:
• What hedge fund strategies are and how they differ from traditional investments
• Why lower correlation, not market outperformance, is often the core objective
• How higher volatility and macro uncertainty are reshaping portfolio construction
• How hedge fund strategies compare with other alternatives like private markets and infrastructure
• Why scale and multi-strategy platforms are changing the hedge fund landscape
hedge fund strategies, capital markets, portfolio diversification, alternatives investing, market volatility, megaforces
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.

Global markets are entering 2026 amid heightened geopolitical uncertainty, structural shifts in the global order, and rapid technological change. Recorded live from the World Economic Forum in Davos, this episode of The Bid examines the macroeconomic and geopolitical forces shaping the year ahead.
Host Oscar Pulido is joined by Philipp Hildebrand, Vice Chairman of BlackRock, and Tom Donilon, Vice Chairman of BlackRock and Chairman of the BlackRock Investment Institute. Drawing on conversations with political leaders, policymakers, and business executives in Davos, they reflect on an evolving geopolitical landscape and its implications for markets, governments, and global cooperation.
The discussion explores how shifts in U.S. policy are reshaping alliances — particularly between the United States and Europe — and why this period may mark a broader transition away from the post–World War II global framework. Philipp outlines the pressures facing Europe, while Tom examines how national security considerations are increasingly shaping economic policy, trade, and global investment flows.
Artificial intelligence emerges as a central theme, viewed both as an economic driver and a geopolitical force. The episode considers AI’s role in national security competition, the growing importance of data centers and energy infrastructure, and how concerns around sovereignty, critical minerals, and societal impact are elevating AI from a technological issue to a political one.
Key insights
· How current geopolitical developments are reshaping the global outlook entering 2026
· Why Davos remains a key forum for understanding policy and market sentiment
· Where Europe’s macroeconomic challenges and opportunities are most pronounced
· How AI is increasingly intersecting with geopolitics and national security
· What recent U.S.–Europe tensions reveal about future global cooperation
· How investors and policymakers are interpreting uncertainty in today’s environment

Geopolitics, global macro outlook, Europe economy, World Economic Forum Davos, AI and geopolitics, global markets, policy uncertainty
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.