{"podcast":{"title":"Full Signal","slug":"full-signal-7568617","podcast_index_feed_id":7568617,"rss_url":"https://anchor.fm/s/10b3e31fc/podcast/rss","website_url":"https://podcasters.spotify.com/pod/show/philrosen","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/44735927/44735927-1762224313042-f105205d033e1.jpg","author":"Phil Rosen","episode_count":109,"summary":"Unpacking the highest-conviction investment ideas from the world's smartest investors. Award-winning journalist and market strategist Phil Rosen hosts top portfolio managers, capital allocators and Wall Street executives to uncover how they think about markets, pick stocks, manage risk and generate investment ideas. Phil is the Chief Market Strategist at ProCap Financial and the co-founder & CEO of Opening Bell Media. His daily markets newsletter reaches more than 200,000 investors every morning.","last_synced_at":"2026-09-16T00:17:48.487183+00:00","page_url":"https://stenobird.com/podcast/full-signal-7568617"},"episode":{"title":"BlackRock Investment Chief: The stocks that WIN the next decade of AI","slug":"blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai","published_at":"2026-08-20T10:00:00+00:00","page_url":"https://stenobird.com/podcast/full-signal-7568617/blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai","show_page_url":"https://stenobird.com/podcast/full-signal-7568617","url":"https://podcasters.spotify.com/pod/show/philrosen/episodes/BlackRock-Investment-Chief-The-stocks-that-WIN-the-next-decade-of-AI-e3nhmpc","audio_url":"https://anchor.fm/s/10b3e31fc/podcast/play/124360940/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-7-18%2F430041094-44100-2-14310e68ae4ca.mp3","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","meta_description":"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 ce…","key_points":[],"chapters":[],"topics":[],"duration_seconds":2056,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/full-signal-7568617/episodes/blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/full-signal-7568617/blackrock-investment-chief-the-stocks-that-win-the-next-decade-of-ai.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}