This week, the focus is on diversification—and why it’s getting harder to achieve. Portfolio Strategist Natalie Gill explains how the “diversification mirage,” a key theme in BII’s 2026 outlook, is now showing up in real time. A small set of megaforces is increasingly dictating equity performance, meaning traditional attempts to diversify—whether toward equal-weighted indices or new regions—can amount to larger active positions than many investors realize. Natalie also breaks down how rising developed-market bond yields challenge the long-held assumption that long-term bonds reliably balance portfolios. Fiscal strains, shifting central bank stances, and policy divergence between the U.S. and other economies further complicate the diversification picture. As bond volatility rises and a small number of equity drivers dominate returns, investors may need to reconsider how and where true diversification can be found. The episode also highlights the growing disconnect between the Federal Reserve’s policy posture and the more hawkish tone across Australia, Canada, and Japan—where fiscal dynamics and reopening risks are influencing long-term rates. These divergences, paired with delayed U.S. labor data and inflation considerations, shape the macro backdrop as markets enter the new year. Key Insights ·      Diversification is increasingly difficult as a handful of megaforces drive global equity performance. ·      Traditional diversifiers—such as long-term government bonds—provide less balance amid rising yields. ·      Policy divergence between the U.S. and other major central banks is creating new cross-market risks. ·      Fiscal concerns are influencing yield curves, particularly in Japan and the UK. ·      Portfolios may require more deliberate, active decisions and alternative sources of return to achieve true diversification.   diversification, megaforces, capital markets, macro trends, bond yields, portfolio balance, market outlook 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.

As The Bid takes a short break for the holidays, we’re introducing listeners to Market Take, the weekly macro podcast from the BlackRock Investment Institute. Market Take offers fast, digestible insights on what’s moving markets - and this week, the focus is squarely on the labor market. Senior Economist Nicholas Fawcett breaks down why softer U.S. labor data is reinforcing expectations for another potential Federal Reserve rate cut. With hiring and labor supply both cooling, policymakers are watching these trends closely as they navigate the balance between inflation control and economic resilience. Nicholas also explores how delayed jobs data complicates the Fed’s visibility into the economy, what markets are pricing in ahead of the December meeting, and how fiscal dynamics in the UK are shaping long-term bond views. Whether you’re tracking monetary policy, macro signals, or broader capital markets trends, this short episode offers a concise view of the forces shaping the economic backdrop. Key Insights ·      The U.S. labor market is softening, raising the likelihood of another Fed rate cut. ·      Payrolls show a “no hiring, no firing” pattern as labor demand and supply slow. ·      Delayed jobs data may create noise, but markets still expect a quarter-point cut. ·      Fiscal tightening in the UK influences gilt valuations and long-term yield dynamics. ·      Labor market trends, inflation, and rates continue to guide broader market sentiment labor market, inflation, interest rates, Federal Reserve, capital markets, macro trends, market commentary, economic outlook 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.

The 2026 market outlook is dominated by AI, leveraging up and a diversification mirage. Jean Boivin joins The Bid to discuss megaforces, capital markets, private credit and how micro-level AI investing and balance sheet decisions are now driving the macro picture.

Europe’s macro outlook is shifting. After years of fiscal restraint and fragmented policy, the region is entering a new chapter one centered on pro-growth fiscal policy, energy security, and capital-market reform. For investors, this transformation signals the potential for renewed momentum in European equities and fixed income. In this episode of The Bid, host Oscar Pulido speaks with Helen Jewell, Chief Investment Officer for EMEA Fundamental Equities, and Roelof Salomons, Chief Investment Strategist for Northern Europe at the BlackRock Investment Institute, about how Europe’s evolving macro and investing environment is creating new opportunities across sectors. They explore how fiscal flexibility is enabling investment in productivity and innovation, how energy transition and AI demand are reshaping infrastructure and power markets, and why European banks, defense companies, and energy-efficiency leaders have emerged as standouts. The conversation also looks at the valuation gap between Europe and the U.S., the implications of potential ECB rate cuts, and what reforms could drive a broader, more durable resurgence. Key Takeaways: ·      Europe’s shift toward fiscal flexibility marks its first explicitly pro-growth stance in over a decade. ·      The intersection of energy transition and AI is driving infrastructure and power investment. ·      Banks, defense, and efficiency-focused industrials remain strong performers. ·      Europe still trades at a discount to the U.S., offering selective opportunity. ·      Integration of capital markets could unlock long-term competitiveness. Key moments in this episode: 00:00 Introduction: Europe's Economic Challenges and Optimism 01:10 Meet the Experts: Helen Jewell and Roelof Salomons 02:17 Historical Context: Europe's Economic Journey 03:51 Current Barriers and Progress in Europe 05:40 Sector Focus: Defense, Banks, and Energy 08:49 Fiscal Policy and Unified European Growth 10:33 Energy and AI: The Long-Term Investment Landscape 14:30 Valuation and Market Opportunities in Europe 17:17 Conclusion: Path to a Broad Resurgence in Europe 19:21 Closing Remarks and Future Outlook Europe investing; Europe macro; European equities; investing in Europe; capital-markets union; energy transition Europe; European fiscal policy; European banks; AI power demand; ECB rate cuts; BlackRock Investment Institute; European defense; valuation gap; competitiveness in Europe Sources: “What’s needed for an investment renaissance in Europe?”, BlackRock Investment Institute, October 2025; NATO, August 2025; BlackRock Fundamental Equities analysis, September 2025; “Entering The Age of Electricity”, IEA Electricity Demand 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-EEA countries, this is authorized and regulated by the FCA. In the EEA, it is authorized and regulated by the AFM. 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.

Stock market trends are in sharp focus as central banks pivot, earnings broaden beyond mega-cap leaders, and AI-driven CapEx reshapes corporate priorities. In this AMA edition of The Bid, host Oscar Pulido sits down with BlackRock’s Gargi Pal Chaudhuri, Chief Investment and Portfolio Strategist for the Americas in the Investment Portfolios Solutions team. Together they field listener questions on rate cuts, market breadth, ETF flows, and how AI adoption could influence equity leadership over time. Gargi brings a cross-asset lens to what’s driving global growth and volatility. Fresh off a busy earnings season and recent policy moves, she shares what she’s hearing most from investors and how she thinks about portfolio positioning in the present market environment. Key moments in this episode: 02:00 Parallels between running and investing - run your own race, what are your risk parameters 04:32 Where policy’s heading: The Fed’s first rate cut marks a shift toward easing. December isn’t guaranteed, but the big picture is that rates are starting to move toward more normal levels. 07:52 Earnings season check-in: Big tech is still leading, but other companies are finally joining in with stronger results. That’s helping the market feel a little more balanced. 11:29 AI spending boom: Companies are pouring money into data centers and infrastructure to keep up with AI demand—funded by healthy cash flows and long-term plans. 12: 25 Shoppers are split: Higher-income consumers are still spending on travel and tech, while others are trading down to save. GLP-1 medicines (like weight-loss drugs) are showing up as a big talking point for companies. 13:40 Money on the move: Investors are starting to put cash to work again. ETF flows hit over $1 trillion this year, with interest across bonds, stocks, and even gold. 16:37 Bonds and gold today: Many people are looking at bonds for income and keeping an eye on gold as markets shift. Check out this Spotify playlist for more content on alternative investing: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  stock market trends, capital markets, AI investing, earnings season, monetary policy, ETF flows, megaforces, market volatility Sources: Data sourced from Bloomberg as of November 5th 2025; iShares client poll October 20th 2025; iShares analysis and calculation of AI stock performance. Disclosures: 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-EEA countries, this is authorized and regulated by the Financial Conduct Authority. In the EEA, it 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.

Private markets are transforming the investment landscape — reshaping portfolios, expanding access, and driving growth across asset classes from private equity to infrastructure and private credit. Once the domain of institutions, private markets are increasingly accessible to individual investors, offering new ways to pursue diversification and long-term opportunity. In this episode of The Bid, host Oscar Pulido is joined by Cameron Joyce, Head of Research Insights at Preqin, a part of BlackRock, to explore how private markets could reshape portfolios and investment opportunities by 2030. Cameron shares why the asset class has surged from $11 trillion pre-pandemic to an expected $32 trillion by the end of the decade — and what this evolution means for investors. Together they discuss how companies are staying private longer, why liquidity dynamics are shifting, and how new fund structures are widening accessibility for individuals and retirement savers alike. Cameron breaks down the three major growth engines powering the sector: private equity, infrastructure, and private credit — and explains how megaforces like AI and energy transition are creating new opportunities within each. Sources: “Private Markets in 2030” Preqin October 2025 Key moments in this episode: 00:00 Introduction to why Private Markets are having a moment now 01:01 Understanding Private Markets - Why companies are staying private longer — and where the value creation is shifting. 02:01 Growth and Trends in Private Markets - The forecasted $32 trillion in alternative AUM by 2030 and what it means for diversified portfolios. 02:46 Impact on Investment Portfolios - The rise of individual access through open-ended fund structures. 06:04 Where we are in the private equity cycle — and why lower fundraising periods often precede strong returns. 09:56 Infrastructure Investment Opportunities - How infrastructure is becoming a key beneficiary of AI and reshoring trends. 11:51 Why private credit and direct lending are gaining momentum as banks step back from traditional lending 14:20 Artificial Intelligence in Private Markets - How AI is influencing value creation within privately backed companies. 16:40 Conclusion and Final Thoughts Check out this Spotify playlist for more content on alternative investing: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  private markets, private equity, alternative investments, infrastructure, private credit, capital markets, AI investing, megaforces, diversification, BlackRock, Preqin, portfolio construction 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-EEA countries, this is authorized and regulated by the Financial Conduct Authority. In the EEA, it 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.

Jim Cramer joins The Bid to discuss how everyday investors can build wealth in any market. From his lessons on compounding to the importance of doing the homework, Cramer and host Oscar Pulido explore confidence, curiosity, and long-term investing in today’s dynamic capital markets.

Global investors are rethinking diversification as APAC markets investing takes center stage. As monetary policies diverge and growth paths split across regions, Asia Pacific is emerging as a key source of resilience — and opportunity — in global portfolios. In this episode of The Bid, host Oscar Pulido speaks with Alex Brazier, Global Head of Investment & Portfolio Solutions, and Navin Saigal, Head of Global Fixed Income for Asia Pacific. Joining from Singapore, they share on-the-ground insights into how investor sentiment, policy divergence, and portfolio positioning are evolving across the region. Alex explains how investors’ appetite for risk has returned — with the strongest demand for equities and alternatives now coming from APAC. Navin highlights why Asia’s fixed income markets have outperformed this year, as conservative fiscal policy and lower inflation have driven steady yields and strong demand. Together, they unpack what these shifts mean for APAC markets investing and global diversification. Sources: BlackRock Investor Survey, September 2025 Insights include: ·      How global investors are reallocating toward Asia Pacific assets ·      Why policy divergence between the U.S. and Asia is creating opportunities in fixed income ·      The growing appeal of short-duration bonds and local-currency exposure ·      How correlations between the U.S. dollar, equities, and bonds are shifting ·      The renewed focus on gold and liquid alternatives as portfolio diversifiers Key moments in this episode: 00:00 Introduction to Global Market Trends 00:32 Focus on Asia's Market Dynamics 00:51 Insights from Investment Experts 01:53 Investor Sentiments and Diversification 05:01 Opportunities in Asia's Fixed Income Markets 07:25 Equity Market Opportunities 11:03 Currency Risk and Hedging Strategies 13:55 Challenges in Asia Pacific Investments 16:05 Diversification Beyond Traditional Assets 19:22 Looking Ahead: Market Predictions for 2025 21:53 Conclusion and Upcoming Episodes  Check out this playlist to learn more about tariff volatility and global markets: https://open.spotify.com/playlist/3iiZbbNz3eI08zXGZ4n3LI 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  APAC markets investing, Asia Pacific markets, capital markets, fixed income, global diversification, equities, investor sentiment, monetary policy divergence, liquid alternatives, gold 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.

With recent headlines in OpenAI from its $100bn Nvidia investment to its release of Sora, this special in-depth episode of The Bid brings together highlights from across our conversations with BlackRock experts to trace the arc of AI’s evolution: its origins, today’s massive infrastructure build-out, the unprecedented power demand it creates, its adoption across industries, its geopolitical stakes, and what lies ahead for investors.

Gold and bitcoin are in the spotlight again - and for good reason. In this special narrative format episode of The Bid, host Oscar Pulido weaves together expert insights from previous Bid episodes to explain why interest in gold and bitcoin is rising now and what investors should consider before treating them as portfolio diversifiers. You’ll hear from BlackRock experts about gold’s enduring role and how growth fears, geopolitics, the U.S. dollar and real interest rates shape demand; and about bitcoin’s design - digital assets, blockchain, cross-border payments - and engineered scarcity, plus the reality of cycles and operational considerations and how both can fit into a portfolio alongside traditional holdings. Check out the previous episodes in full: 133. The Next Gold Rush - original air date June 16th 2023: https://open.spotify.com/episode/7IWodwijM5Ybq1QvwOQBkw 161. Crypto Currency Decoded - original air date Jan 19th 2024: https://open.spotify.com/episode/6Rcxfg9rci1ZXniqRKbtRp?si=HnSkLmPsTyeSrK2LXLbwVA Key moments in this episode 00:00 Introduction: Gold and Bitcoin in Focus 02:14 The Role of Gold in Portfolios 02:58 Gold's Relationship with Economic Factors 05:49 Gold as a Diversifier and Inflation Hedge 09:02 Transition to Bitcoin: Digital Scarcity 09:42 Understanding Bitcoin and Digital Assets 12:19 Bitcoin's Volatility and Market Cycles 13:37 Bitcoin's Growing Accessibility 15:30 Comparing Gold and Bitcoin as Diversifiers 17:11 Conclusion: Preparing Portfolios with Gold and Bitcoin Featured experts:Gargi Pal Chaudhuri —Chief Investment & portfolio Strategist (gold)Robbie Mitchnick — Head of Digital Assets (bitcoin & blockchain)Samara Cohen — Global Head of Market Development for BlackRock , and formerly Chief Investment Officer, ETF and Index Investments (bitcoin)Jay Jacobs — U.S. Head of Equity ETFs (portfolio construction) Sources: CFA Institute report "Gen Z and Investing: Social Media, Crypto, FOMO, and Family," May 2023; Coin Metrics, as of Aug. 2023. Bitcoin predominance based on its market cap of $530B which accounts for 50% of the total market cap of all crypto-assets excluding stable coins; The Global Findex Database 2021 identifies opportunities for increasing financial inclusion, July 2022; CoinGecko, as of Jan. 2. 2023. Bitcoin predominance based on its market cap of $860 billion, which accounts for 51% of the $1.7 trillion total market cap of all cryptoassets, excluding stablecoins gold; bitcoin; diversification; portfolio diversifiers; real interest rates; U.S. dollar; central bank buying; stagflation; digital assets; blockchain; cross-border payments; fixed supply; volatility; correlation; ETFs; access & integration; risk management; rebalancing; inflation 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-EEA countries, this is authorized and regulated by the FCA. In the EEA, it is authorized and regulated by the AFM. 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.

BlackRock’s Jamie Magyera breaks down the latest Read on Retirement report, exploring why confidence is lagging, the role of guaranteed income, target date funds, and private markets in shaping the future of retirement security.

ETFs are at the center of how investors are navigating today’s rapidly changing markets. From active ETFs to thematic strategies around megaforces like artificial intelligence and infrastructure, innovation in exchange-traded funds is reshaping how portfolios are built. In this special Ask Me Anything edition of The Bid, host Oscar Pulido sits down with Jay Jacobs, U.S. Head of Equity ETFs at BlackRock, to answer questions submitted by listeners. Together, they explore the evolving ETF landscape and how investors can better position themselves in a volatile world. Jay also highlights the link between AI and infrastructure - noting that advances in artificial intelligence require massive investments in electricity, real estate, and supply chains. For investors, the message is clear: today’s portfolios must capture both enduring themes and defensive strategies. Key insights include:The “be, beat, modify” equity framework for building portfolios: how core ETFs provide efficiency, active and thematic ETFs can aim to outperform, and outcome-oriented strategies offer risk management.Why factor investing (quality, value, momentum) demands a more tactical, systematic approach in 2025.The growing role of active ETFs as investors seek new sources of alpha in an era of lower expected returns.Why diversifying beyond U.S. equities and addressing concentration risk from mega-cap tech is increasingly important.How megaforces like AI, geopolitics, and infrastructure demand are reshaping equity markets and long-term investing themes.The role of gold and Bitcoin as portfolio diversifiers and monetary alternatives beyond traditional stocks and bonds. Timestamps 00:00 Introduction to Investor Interests in 2025 00:20 Ask Me Anything: Meet Jay Jacobs, U.S. Head of Equity ETFs at BlackRock 01:14 Understanding Equity Markets: Be, Beat, and Modify 04:00 Factor Exposures and Economic Environments 05:57 Geographical Diversification in Portfolios 07:54 The Role of Thematic Investing 09:58 Active ETFs vs. Mutual Funds 13:40 Exploring Alternative Asset Classes: Gold and Bitcoin 15:32 Conclusion and Final Thoughts 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  Active ETFs, Thematic investing, Capital markets, Megaforces, AI investing, Infrastructure investing, Diversification, Stock market trends This content is for informational purposes only and is not an offer or 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-EEA countries, this is authorized and regulated by the FCA. In the EEA, it is authorized and regulated by the AFM. 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.

Infrastructure investing is no longer a niche play — it’s at the center of today’s global economy and portfolios. In this episode of The Bid, we dive into why infrastructure investing is having a moment, how it connects to AI, and what megaforces are shaping the next decade of growth. Host Oscar Pulido sits down with Balfe Morrison, Head of Listed Infrastructure Strategies, to explore the golden age of infrastructure investing. From data centers powering artificial intelligence to pipelines driving energy security and railroads transforming transportation, infrastructure is proving to be one of the most durable and exciting asset classes in capital markets today. Sources: FTSE Russell as at 29 August 2025, FTSE Global Core Infrastructure 50/50 Index; U.S. Department of Energy report via Lawrence Berkeley National Laboratory Dec 2024; “Data Centers Drive Up Electricity Demand, Causing Concern for GridOperators” Institute for Energy Research 2024; “Greenhouse Gas Emissions from the Coming Wave of US Natural Gas Transmission Pipelines”, June 2025, CEEA; Assessing the U.S. Power System's Ability to Support Data Center Growth, Schneider Electric June 2025; Amazon Q2 2025 Earnings Call; 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. 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 go to Blackrock.com/corporate/compliance/bid-disclosures Infrastructure investing, AI investing, Stock market trends, Energy transition, Utilities See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fixed income investing is experiencing a powerful resurgence. With yields at multi-decade highs, income opportunities are abundant, yet investors must navigate uncertainty in capital markets and shifting macroeconomic dynamics. In this episode of The Bid, we explore why fixed income is once again a compelling anchor for portfolios. Host Oscar Pulido sits down with Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, live from the Future Proof Festival in Huntington Beach. Together, they discuss why prioritizing income over duration is the key theme in today’s bond markets, and how investors can uncover opportunities across geographies and asset classes. Rick emphasizes the importance of dynamic, flexible portfolio construction. With fixed income yields at levels not seen in decades, investors now have the chance to rethink their allocations and position portfolios for long-term growth. Sources: BlackRock Fixed Income Q3 Outlook, Bloomberg as of Tuesday 9th September 2025 Key moments in this episode: 00:00 Introduction 01:28 Rick Rieder's High Level Insights on Fixed Income Landscape 02:04 Economic Forces and Investment Strategies 02:56 Global Fixed Income: Opportunities and Risks 06:51 Dynamic Asset Allocation and Portfolio Management 12:12 Currency Views and Market Predictions 13:49 Conclusion: Staying in the Game 16:16 Outro and Next Episode on Infrastructure Fixed income investing, Capital markets, Megaforces, Stock market trends, BlackRock 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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. 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 go to 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.

The world of artificial intelligence continues to profoundly impact the stock markets and create investment opportunities. Despite a brief setback earlier this year, AI continues to push the boundaries of human ingenuity and drive market dynamics. Oscar Pulido welcomes Tony Kim, head of the BlackRock Fundamental Equities Global Technology Team, and Michael Gates, lead portfolio manager of BlackRock's target allocation models. Fresh from their interactions with technology leaders in San Francisco and Silicon Valley, Tony and Michael share their insights on the rapid advancements in AI, the efficiencies it brings to the economy, and the promising investment opportunities it unveils across various sectors. Key moments from this episode: 00:00 Introducing AI’s Unprecedented Investment Surge 03:03 The Three Layers of AI Investment Opportunity 08:21 AI’s Impact on Labor and Services 10:34 Exponential Growth and Humanoid Robots 14:41 Quantum Computing and Cybersecurity 18:48 Considering The Societal Impact and Future Outlook 🔗 Learn More About BlackRock: https://1blk.co/41uwhDS  🔗 Watch and Subscribe to The Bid on YouTube: https://1blk.co/48iHOs4  🔗 Follow Us on LinkedIn: https://1blk.co/3v09q6Q  🔗 Follow Us on Twitter (or X): https://1blk.co/3NuiIOW  Sources: “AI Scaling Laws and Market Structure”, Anton Korinek, Professor of Economics, University of Virginia; Bloomberg data as of June 31st 2025; “The Complex Truth About AI Computing and Value”, Wall Street Journal, March 2nd 2025; Analysis based on BlackRock Global Technology evaluations and calculations; BlackRock and World Bank Group Data, World Bank estimates GDP around $111 trillion, Capital expenditure on AI infrastructure is estimated at around $400 bn. AI, AI Investing, Tech Investing, Technology Investing, Silicon Valley, Tech 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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. 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 go to 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.

Continuing the summer series, The Bid brings back some of the best episodes from the last year. Oscar’s final pick is unpacking the meaning and the power of capital markets.

Continuing the summer series, The Bid brings back some of the best episodes from the last year. Stevie's pick is a deep dive into the tech and AI trends coming out of Silicon Valley featuring Tony Kim, BlackRock portfolio manager and technology investing expert. AI is experiencing a transformative moment, powering the phenomenal run in public markets, but the investment opportunities certainly transcend that small group of names. So where are the most compelling opportunities and how can AI investment not only build wealth, but contribute to a more efficient future?

Over the summer, The Bid brings back some of the best episodes from the last year. Kicking off the series, hosts Oscar and Stevie take a look back on one of the most popular episodes, recorded live on location in Davos, Switzerland.

So far, 2025 has been a year of sharp policy shifts and heightened macroeconomic uncertainty. With volatility becoming the new normal, how can investors stay grounded?

In a recent BlackRock survey of registered voters, more than 75% of retirees said they wished they had saved more money for retirement. And with the recent passage of the SECURE 2.0 Act now in effect, opening up new opportunities for savers, investors are considering how to save and build wealth for the future. So how can investors ensure they’re pulling all the levers at their disposal to retire on their own terms?