Episode
BlackRock Investment Chief: The stocks that WIN the next decade of AI
- Podcast
- Full Signal
- Published
- Aug 20, 2026
- Duration seconds
- 2056
- Processing state
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Summary
Jay Jacobs is the US head of equity ETFs at BlackRock. He joins Phil Rosen on Full Signal to discuss the three layers of the AI trade, whether the data center buildout echoes the dot-com overbuild, the physical choke points that could throttle AI, and why healthcare may be the most overlooked way to own the theme. TIMESTAMPS: 0:00 - Tech valuations declining 2:00 - 3 layers of AI 5:26 - Runway for the physical layer 7:46 - Another dot-com overbuild? 9:17 - Power constraint 11:15 - Indium, an AI choke point 14:52 -Risks in AI portfolios 16:05 - Why thematic funds beat sectors 19:25 - Defense stocks 22:10 - Healthcare 25:17 - Commodities 26:25 - Robotics 27:19 - Bitcoin at BlackRock 30:58 - Highest-conviction themes 32:57 - Why not financials? 33:53 - Follow Jay