The Bid

BlackRock
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The Bid breaks down what’s happening in the world of investing and explores the forces changing the economy and finance. From stock market outlooks to geopolitics and technology, BlackRock speaks to thought leaders and industry experts from around the globe about the biggest trends moving markets.

  1. The K-Shaped Consumer Economy: GLP-1s, AI and the Future of Consumer Spending

    9 HR AGO

    The K-Shaped Consumer Economy: GLP-1s, AI and the Future of Consumer Spending

    The K-shaped consumer is redefining the outlook for the U.S. economy. While overall spending remains resilient, growth is increasingly concentrated among higher-income households, creating widening gaps across income levels. As policy shifts, AI adoption, and healthcare innovations reshape behavior, the consumer landscape is becoming more uneven. In this episode of The Bid, host Oscar Pulido is joined by Lisa Yang, Portfolio Manager and Co-Head of the Consumer Industry Group within BlackRock Fundamental Equities, to assess the state of the U.S. consumer heading into 2026. From wage growth and labor market dynamics to fiscal policy, tariffs, and immigration, Lisa explains how macro forces are influencing spending patterns — and why resilience is strongest at the high end. The conversation also explores structural shifts shaping stock market trends, including the rise of value-focused retailers, the impact of GLP-1 weight-loss drugs on food and apparel demand, and how AI-driven “agentic commerce” could transform retail media and brand discovery. As capital markets digest these changes, understanding the nuances of consumer behavior is critical for investors. Key insights from this episode: 02:11 Introducing The "Two Speed Consumer" 04:26 Yellow Flags Ahead - Why the U.S. Consumer Remains Resilient But increasingly K-shaped 05:46 Policy Shocks 2026 - How fiscal policy and tariffs could widen income-driven spending gaps 08:45 Why Value Retailers and Discounters are Outperforming 12:01 GLP One Ripple Effects - How GLP-1 Drugs Are Reshaping Grocery, Apparel, and Beauty categories 14:40 How AI Will Change Shopping Trends - What agentic commerce means for retailers, brands, and advertising models 17:43 Other Trends Watchlist - Why Health and Wellness Remains A Durable Long-term Consumer Trend 20:02 Conclusions K-shaped economy, U.S. consumer spending, AI in retail, GLP-1 drugs, capital markets, stock market trends, consumer investing, megaforces Sources: “Advance Monthly Sales for Retail and Food Services” February 2026, United States Census Bureau; US Bureau of Economic Analysis (PCE data); FRED 2026, Bureau of Labor Statistics; Wage Growth Data, January 2026, Federal Reserve of Atlanta; Tax refunds per Morgan Stanley, Piper Sandler estimates; “US food outlook 2026”, Bernstein; “GLP-1 Boom Accelerates Nationwide Shift in Size Curves, Putting $5 Billion in U.S. Apparel Retail Inventory at Risk, According to New Impact Analytics Study”, Global Newswire, 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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    21 min
  2. The Infrastructure Buildout and the Skilled Trades We’re Missing

    27 FEB

    The Infrastructure Buildout and the Skilled Trades We’re Missing

    Skilled trades are becoming one of the most important — and overlooked — drivers of the global infrastructure boom. As trillions of dollars flow into energy systems, transportation networks, telecoms, and AI data centers, the constraint is no longer just capital — it’s labor. The scale of the infrastructure buildout is historic, but delivering it depends on the availability of trained workers. In this episode of The Bid, host Oscar Pulido is joined by Claire Chamberlain, Global Head of Social Impact and President of the BlackRock Foundation, and Sandra Lawson, Managing Director in Global Corporate Affairs, to explore why skilled trades are central to the next phase of infrastructure investing. With an estimated $85 trillion in global infrastructure investment needed over the next 15 years, demand for electricians, HVAC technicians, grid specialists and plumbers is accelerating. Claire and Sandra explain how apprenticeship-based career pathways offer paid training, competitive wages, and the prospect of long-term financial stability — while also highlighting the growing supply-demand imbalance in the labor market. The conversation explores how philanthropy, employers, unions, schools, and policymakers can work together to expand training capacity and modernize workforce development. As megaforces like AI and infrastructure reshape capital markets, human capital will be just as critical as financial capital in determining long-term economic success. Key moments: 00:00 Introduction and meet the guests 02:13 WWhat the $85 trillion infrastructure opportunity means for labor markets 03:54 Why AI and infrastructure are increasing demand for specialized workers 04:45 Why Are These Skilled Jobs Good Jobs? 07:15 Training Pipeline Worker Shortage 08:43 Philanthropy as Catalyst For The Infrastructure Skilled Trades Requirement 10:41 What success looks like for workforce development in an infrastructure-driven economy 12:56 Rethinking Going to College vs Apprenticeships and Skilled Trades 15:25 How collaboration among employers, unions schools, and philanthropy can expand training capacity 17:19 Wrap Up and Disclosure Skilled trades, infrastructure investing, workforce development, capital markets, AI infrastructure, megaforces, economic growth, energy transition Sources: “On the record: Infrastructure and the opportunity in skilled trades”, BlackRock 2026 Written Disclosures In Episode Description: 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.

    18 min
  3. Powering AI 2.0: Why the AI Boom Is Becoming an Energy Story

    20 FEB

    Powering AI 2.0: Why the AI Boom Is Becoming an Energy Story

    Powering AI 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 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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    25 min
  4. Thematic Investing in 2026: AI, Defense, Infrastructure, and the Next Phase of Market Transformation

    13 FEB

    Thematic Investing in 2026: AI, Defense, Infrastructure, and the Next Phase of Market Transformation

    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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    19 min
  5. Retirement Realities: Your Questions Answered - Ask Me Anything with Jaime Magyera

    6 FEB

    Retirement Realities: Your Questions Answered - Ask Me Anything with Jaime Magyera

    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. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    19 min
  6. Inside Hedge Fund Strategies: How They Work and Why Investors Are Paying Attention

    30 JAN

    Inside Hedge Fund Strategies: How They Work and Why Investors Are Paying Attention

    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.

    21 min
  7. Macro and Geopolitical Outlook - Live From Davos

    22 JAN

    Macro and Geopolitical Outlook - Live From Davos

    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.

    36 min
  8. Stock Picker's Guide to 2026: How AI and Earnings Will Shape Stock Market Trends

    16 JAN

    Stock Picker's Guide to 2026: How AI and Earnings Will Shape Stock Market Trends

    AI investment, evolving earnings leadership, and shifting global dynamics are redefining stock market trends as investors enter 2026. Companies are deploying unprecedented capital toward data centers, compute, and productivity-enhancing technologies, while rate cuts and supply-chain realignment reshape the macro backdrop. These forces are changing how fundamentals, valuations, and sector growth patterns show up in equity markets. In this episode of The Bid, host Oscar Pulido speaks with Carrie King, Global CIO of BlackRock’s Fundamental Equities group, about the major drivers influencing the 2026 equity outlook. Carrie breaks down why high-level valuations may mask improved corporate quality, how AI-related investment is broadening beyond semiconductors, and why the gap between megacap earnings and the rest of the market may begin to narrow. They also explore how global monetary easing is benefiting emerging markets, why Japan’s structural reforms continue to support its equity story, and how diversification is becoming more challenging in a market shaped by a few powerful megaforces. Carrie explains what this means for sector positioning, volatility, and where long-term investors may find underappreciated opportunities. Key moments in this episode: 00:00 Introduction: Can Stocks Maintain Momentum in 2026? 03:29 AI's Dominance in the Market 09:34 Global Investment Trends and Opportunities 12:06 Earnings Growth and Sector Performance 15:36 Diversification Strategies for Investors 17:10 New Year's Resolutions for Investors 18:59 Conclusion and Upcoming Episodes Key insights include: ·      How AI-driven spending is reshaping earnings patterns and stock market trends ·      Why equity valuations may be better anchored than headlines suggest ·      Where the “other 493” may see accelerating earnings growth ·      How global rate cuts and supply-chain shifts are supporting EM and Japan ·      Why diversification requires new approaches in a megaforce-driven market ·      Which sectors—industrials, travel, and healthcare—may offer overlooked potential stock market trends, AI investing, megaforces, capital markets, equity markets, global investing, sector rotation Sources: Written Disclosures In Episode Description: 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.

    20 min
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The Bid breaks down what’s happening in the world of investing and explores the forces changing the economy and finance. From stock market outlooks to geopolitics and technology, BlackRock speaks to thought leaders and industry experts from around the globe about the biggest trends moving markets.

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  • Creator
    BlackRock
  • Years Active
    2018 - 2026
  • Episodes
    254
  • Rating
    Clean
  • Copyright
    © 2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.
  • Show Website
    The Bid

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