249: 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 and California Privacy Notice at .

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249: Thematic Investing in 2026: AI, Defense, Infrastructure, and the Next Phase of Market Transformation is an episode from The Bid by BlackRock.

This episode is 00:19:26 long.

This episode was published on Feb 13, 2026.

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