# BlackRock Investment Chief: The stocks that WIN the next decade of AI

Page: https://stenobird.com/podcast/full-signal-7568617/blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai
Text version: https://stenobird.com/podcast/full-signal-7568617/blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai.md
Podcast: [Full Signal](https://stenobird.com/podcast/full-signal-7568617)
Published: 2026-08-20T10:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/philrosen/episodes/BlackRock-Investment-Chief-The-stocks-that-WIN-the-next-decade-of-AI-e3nhmpc
Audio file: https://anchor.fm/s/10b3e31fc/podcast/play/124360940/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-7-18%2F430041094-44100-2-14310e68ae4ca.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/full-signal-7568617/episodes/blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai
Duration seconds: 2056

## Resource

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

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/full-signal-7568617/episodes/blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/full-signal-7568617/blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.