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

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