The Bid - An Investing Podcast from BlackRock

Retirement planning is being transformed around the world. As people live longer, traditional pension systems evolve and governments face growing financial pressures, individuals are taking on greater responsibility for their retirement savings and income. But with no single global model for retirement, what can different countries learn from one another?

In this episode of The Bid, host Oscar Pulido is joined by Casie Maurer, Head of US Defined Contribution at BlackRock, and Helen Lees-Jones, EMEA Head of Global Consultant Relations and Institutional Strategy at BlackRock. Together, they explore how retirement systems are changing across the US, UK, Germany, Australia and Mexico, and how policymakers, employers and the financial services industry are responding to the challenges of an aging population.

From the evolution of 401(k) plans and automatic enrollment to the growing importance of retirement income, the conversation examines how different markets are approaching retirement planning. Casie and Helen discuss the shift from traditional defined benefit pensions toward individual retirement responsibility, the role of capital markets in supporting long-term savings, and why the next phase of retirement innovation may be less about accumulating assets and more about providing financial security throughout retirement.

Key moments from this episode:

00:00 Introduction

02:37 Why Retirement Systems Are Changing

04:15 Individual Investors Take the Wheel

06:34 UK vs Germany Models

09:18 Lessons From Reform

10:46 Next Phase of 401k plans

13:26 Australia and Mexico Comparisons

16:03 Holistic Lifetime Planning

19:32 Personal Pension Future

21:17 Closing Thoughts

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Sources: 2026 BlackRock’s Read on Retirement survey; OECD Pensions Report 2025; “Investing In The UK Economy”, House of Commons Report 2025; “Department for Workplace Pensions”, UK Department for Work and Pensions Report 2025; UK Census 2021; United Nations population data

retirement planning, retirement income, pension systems, retirement savings, 401(k) plans, global retirement trends, capital markets, personal pensions

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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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Geopolitical tensions are increasingly reshaping the global economy. Defense spending is rising, energy security has returned to the policy agenda, and competition over artificial intelligence and critical technologies is becoming an increasingly important part of national security. At the same time, conflicts and supply chain disruptions are exposing vulnerabilities in an interconnected global system.

In this episode of The Bid, host Oscar Pulido speaks with Anna Parker, part of the Geopolitical Research and Strategy team at BlackRock, and Yasmin Meissner, portfolio manager for Thematic Strategies at BlackRock. Together, they look beyond short-term geopolitical headlines to explore what BlackRock calls the “resilience economy”—the growing focus on strengthening security and reducing strategic dependencies across energy, defense and technology.

Anna examines how geopolitical shocks are changing the global energy system and why countries are investing in greater resilience. Yasmin explores the transformation underway in defense, from autonomous systems and counter-drone technology to software and space. They also discuss the geopolitical competition surrounding AI, the push for technology sovereignty, and why strategic choke points including rare earths, semiconductors and energy infrastructure could have increasingly important implications for global markets.

Episode Chapters

00:00 Introduction

02:44 The Global Resilience Economy Thesis

05:51 Investing Across Three Pillars

08:01 Energy Shock Lessons

11:18 Building Future Energy Resilience

12:35 Defense Innovation Tour

16:32 Modernizing Military Software

17:56 AI Sovereignty and Supply Chains

22:13 Choke Points to Watch

24:56 Key Takeaways and Wrap

Key insights

· Why geopolitical fragmentation is reshaping the global economy and increasing the focus on resilience.

· How energy security is evolving as countries respond to geopolitical shocks and vulnerabilities in global supply.

· Why defense technology is changing, from autonomous systems and counter-drone capabilities to software and space.

· How AI is becoming part of geopolitical competition and driving greater focus on technology sovereignty.

· Where strategic choke points are emerging across rare earths, semiconductors and energy infrastructure.

· What the resilience economy could mean for investors as capital flows toward energy, defense and technology.

Check out our previous episode on defense with Rolf Heitmeyer: https://open.spotify.com/episode/6QebK6raugH9Vr80NHO5Oi?si=x7fzE0kqSlSvFiqpxdq3HQ

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geopolitics, defense investing, energy security, artificial intelligence, geopolitical fragmentation, resilience economy, technology sovereignty, global markets

Sources: “We can buy more weapons. We can’t buy more time,” Defense One, 2026; “Anduril, Department of War Sign Production Agreement for Surface-Launched Barracuda-500M,” Anduril, 2026; “Background Briefing on FY 2026 Defense Budget,” U.S. Department of War, 2025; “FY 2027 Defense Space Budget: Dramatic and Targeted Growth,” Center for Space Policy and Strategy, The Aerospace Corporation, 2026; “Technological Evolution on the Battlefield,” Center for Strategic and International Studies (CSIS), 2025; “Results of Ukraine’s Defense Industry in 2025: FPV Drones,” National Security and Defense Council of Ukraine, 2026; “Leonidas High-Power Microwave: Directed Energy for cUAS, cUAS Swarms, Counter Electronics,” Epirus; “Estimating the Cost of Combat Operations Against Iran,” Congressional Budget Office, 2026; “Global Data Centre Outlook 2026-50: Malaysia Key Findings,” PwC, 2026; “Cloud Computing,” European Commission, 2026; “Oil markets strain to plug the gap left by Middle East supply shortfall,” International Energy Agency (IEA), 2026; “IEA Member countries to carry out largest ever oil stock release amid market disruptions from Middle East conflict,” International Energy Agency (IEA), 2026; “Middle East Crude Oil Exports Back at Prewar Levels, Analysts Say,” The Wall Street Journal, 2026; “Why oil prices haven’t gone crazy despite 5 months of US-Iran war,” Reuters, 2026; “Sheltering from Oil Shocks: Measures to Reduce Impacts on Households and Businesses,” International Energy Agency (IEA), 2026; “Trends in World Military Expenditure, 2025,” Stockholm International Peace Research Institute (SIPRI), 2026; “Impacts of Middle East conflict set to reshape energy investment plans as disruptions put focus on security,” International Energy Agency (IEA), 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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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Tokenized cash is emerging as one of the most tangible applications of tokenization in financial markets. While much of the attention around digital assets has focused on cryptocurrencies, a broader transformation is taking place behind the scenes as blockchain technology begins to change how cash moves, settles and operates across the financial system.

In this episode of The Bid, host Oscar Pulido speaks with Beccy Milchem, Global Head of Cash Distribution and Head of the International Cash Management business at BlackRock, about what tokenized cash actually is and why it is moving from concept toward real-world use. They break down the differences between cryptocurrencies, stablecoins, tokenized deposits and tokenized money market funds — and explore why the distinction matters as digital assets become a bigger part of the financial ecosystem.

Beccy also explains how tokenization could modernize the infrastructure underpinning capital markets, from faster settlement and around-the-clock cross-border payments to programmable transactions and potentially more efficient management of working capital. The conversation explores how digital wallets could evolve as more traditional assets become tokenized, why cash is playing an early role in this transition, and how regulation, interoperability and broader adoption could determine the pace at which tokenized finance develops.

Episode chapters:

00:00 Introduction

02:31 What Is Tokenized Cash

03:47 Crypto Stablecoins Explained

07:14 Why Now For Tech Regulation

09:15 Broken Payment Plumbing

10:54 Programmable Money And AI

13:05 Digital Wallet Adoption

15:40 Global Rollout Currencies

17:05 Mainstream Tests

19:01 Wrap Up And Disclosures

Check out our previous episode on tokenization with BlackRock COO Rob Goldstein: https://open.spotify.com/episode/3U90eOH07t94CI0fw1JCtn?si=41cae3f7090d4cb5

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Tokenized cash, tokenization, stablecoins, digital wallets, money market funds, blockchain, capital markets, digital assets

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 https://www.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 AI economy is entering a broader phase as artificial intelligence moves beyond technology companies and into healthcare, manufacturing, financial services and other parts of the economy. At the same time, growing demand for computing power is highlighting physical constraints around electricity, semiconductors and critical materials.

In this episode of The Bid, host Oscar Pulido speaks with Jay Jacobs, BlackRock’s US Head of Equity ETFs, about how the AI economy is evolving. They discuss where AI adoption is taking hold, what can distinguish productive implementation from investment without clear results, and why infrastructure is becoming increasingly important to the AI build-out.

The conversation also examines the intersection of AI investing, physical infrastructure, megaforces and capital markets—from data centers and power generation to robotics, autonomous vehicles and digital assets.

Key moments in this episode:

00:00 Introduction to Where AI Is Heading Next

02:07 Defining AI Economy

03:33 From Experiments to Profits

05:07 Potato Chip AI Playbook

06:50 Healthcare Adoption Surge

08:21 Power and Materials Crunch

11:19 Physics Limits and Solutions

12:52 Robots and Autonomous Future

14:01 How Investors Position Now

15:36 Digital Assets Meet AI

17:31 What Comes Next for AI

19:39 Wrap Up and Disclosures

Key insights:

· How AI adoption is broadening beyond the technology sector.

· Why having a defined use case can matter when companies deploy AI.

· Where power, copper and specialized materials may create physical constraints.

· How healthcare and manufacturing are applying AI to complex processes.

· Why robotics and autonomous vehicles represent a shift toward physical AI.

· How digital assets could support machine-to-machine transactions and micropayments.

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AI economy, AI investing, AI adoption, infrastructure, megaforces, capital markets, artificial intelligence

Sources: 2026 Thematic Mid-Year Update “Welcome to the AI Economy”, iShares.com;

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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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The space economy is becoming more connected to everyday economic activity, from satellite communications and navigation to weather forecasting, defense and data. Falling launch costs, advances in satellite technology and rising demand for AI infrastructure are broadening the conversation around what space could enable.

In this episode of The Bid, host Oscar Pulido speaks with Reid Menge, portfolio manager in BlackRock’s Fundamental Equity Group, about how the space economy is developing and the forces behind its growing relevance. They explore lower launch costs, satellite capabilities, national security priorities, AI infrastructure and the potential evolution of data centers.

The discussion also looks beyond rockets and satellites to the broader infrastructure and capital markets ecosystem supporting space activity. Reid explains why cost and capability remain critical variables, how government spending can intersect with private-sector innovation, and why technical execution remains an important source of uncertainty as the industry develops.

Episode chapters

00:00 Introduction to Space Economy

02:02 Space in Daily Life

02:37 Space Investing Goes Mainstream

04:40 Cost Capability Demand

09:22 AI Meets Orbit

11:18 Space Data Centers Explained

14:39 National Security Imperative

16:20 Where Opportunities Emerge

18:29 Risks and Reality Check

20:32 Next Decade Outlook

22:28 Wrap Up and Disclosures

Key Insights from this episode:

· How falling launch costs could expand the range of economically viable space activities.

· Why smaller, lower-cost satellites are changing communications and Earth observation.

· How AI is increasing the potential value of data collected from space.

· Where national security priorities intersect with commercial space infrastructure.

· Why semiconductors, communications equipment and specialty materials form part of the space ecosystem.

· How execution risk and technological complexity could influence the industry’s development.

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Sources: GPS.gov data 2026; “How geostationary small satellites are providing strategic access to space”, WEF 2025; “Big ideas, small satellites”, NASA Jet Propulsion Laboratory; “State-of-the-Art Small Spacecraft Technology” NASA report May, 2026; Department of War Budget 2027; “Servers account for 60% of the total cost of ownership of a one-gigawatt AI data center”, Epoch AI; “SpaceX IPO: Musk's firm set to launch first 'orbital data center' AI1 satellites in 2027, will put compute on Starlink craft” DCD 2026; Department of the Air Force Posture Statement Fiscal Year 2027;

space economy, AI investing, infrastructure, capital markets, megaforces, satellite technology, national security, data centers

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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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Sports investing has evolved as franchise values have risen, live sports have retained a powerful hold on audiences, and ownership has become an increasingly sophisticated business. Yet sports teams remain unusual assets, combining economics with competition, community identity and deeply emotional fan relationships.

Host Oscar Pulido speaks with David Rubenstein, co-founder and co-chairman of The Carlyle Group and control partner of the Baltimore Orioles ownership group, about his move from private equity into sports investing. They discuss his decision to invest in his hometown team, the role franchises can play in their cities, and how leadership differs when success is measured by more than financial returns.

The conversation also explores the forces influencing sports investing, from rising franchise values and broader ownership participation to live media demand, AI-powered analytics and longer-term developments across capital markets.

Key moments in the episode:

00:00 Meet David Rubenstein

02:10 Sports ownership and Civic Responsibility

04:06 Camden Yards and Baltimore City Revival

06:42 What Owners Really Do

09:00 Winning Over Profits

10:24 Long Horizon Decisions

13:06 Sports as an Asset Class

15:45 AI in Sports and Moneyball 2.0

17:11 Next 20 Years of Investing

20:28 First Orioles Game Memories

21:38 Closing and Up Next

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sports investing, David Rubenstein, Baltimore Orioles, sports ownership, business of sports, sports franchises, private equity, Carlyle Group, private markets, AI investing, artificial intelligence, baseball analytics, sports analytics, live sports, media rights, franchise valuations, leadership, sports business, institutional investing, professional sports ownership

Sources: Inside The Owners Box, David Rubenstein, September 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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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Sports and investing can both be shaped by small margins, repeated decisions and the balance between skill and chance. From tennis points to soccer matches and basketball shot selection, elite competition offers a useful lens for thinking about decision-making in capital markets.

In this episode of The Bid, host Oscar Pulido speaks with Ronald Van Loon, Portfolio Manager in BlackRock’s Global Fixed Income Group, about the connection between sports and investing. They examine hit rates, payoff ratios, teamwork, preparation and the role of process in fixed income portfolio management.

The discussion explores why a modest edge can matter when applied consistently, how different sports change the influence of chance, and why sports and investing both reward attention to probability, payoff and repeated opportunities. They also consider market volatility, stock market trends and the importance of continuous learning.

Check out the previous episode on tennis here: https://open.spotify.com/episode/061EZSj3afpDQd7lL1FJUF?si=diYmU2axTAS26i7IxccxhA

Key moments in this episode:

00:00 Introduction

01:42 Tennis Margins Compound - How small statistical advantages can compound across repeated decisions

05:17 Winning the Big Points - Why probability and payoff need to be considered together

07:55 Soccer Skill vs Chance - Where skill and chance differ across tennis, soccer and basketball.

09:49 Teamwork in Investing - How teamwork can support decision-making across complex fixed income markets

12:58 Olympics and Process - Why preparation and continuous learning remain central to a repeatable investment process

15:20 Basketball Expected Value - How basketball’s changing shot selection illustrates the concept of expected value

17:35 Three-Part Investor Framework

18:57 Closing and Next Episode

sports and investing, capital markets, fixed income, portfolio management, investment process, market volatility, stock market trends

Sources: Van Loon, R.J.M. 2021. “Long-Term Investing and the Frequency of Investment Decisions”, The Journal of Portfolio Management 47 (8): 86-104; Van Loon, R.J.M. 2021. “Investment Skill and Consistent Long-Term Alpha”, The Journal of Portfolio Management

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 https://www.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.

2026 market themes have been shaped by geopolitical realignment, the physical demands of artificial intelligence and changing assumptions about diversification. Across markets, investors are confronting several plausible futures rather than relying on a single base case.

Host Oscar Pulido is joined by Stevie Manns, producer of The Bid, to revisit conversations with BlackRock leaders and external guests. Together, they connect insights on geopolitics, retirement, AI infrastructure, market concentration, portfolio construction, Asia, digital assets and tokenization.

The discussion explores how these subjects form a broader story about preparation. Listeners will hear why AI investing increasingly involves energy and physical infrastructure, how concentration is changing the character of major equity indexes, and why a more dynamic and granular approach may be relevant as capital markets evolve.

Key insights:

· How geopolitical shifts are influencing markets, supply chains and economic policy

· Why AI investing depends on power, data centers and infrastructure

· How stock market concentration can affect diversification assumptions

· Why portfolio construction may require multiple scenarios

· Where Asia and digital assets are broadening the opportunity set

· How tokenization could reduce friction in financial markets

Episodes featured:

246: Macro and Geopolitical Outlook - Live from Davos

248: Retirement Realities: Ask Me Anything With Jaime Magyera

250: Powering AI 2.0: Why The AI Boom is becoming an Energy Story

257: Beyond The Magnificent Seven: Discovering Equity Opportunities in the S&P 493

258: Portfolio Construction for A Changing World: Adapting to A Market Regime Shift

259: Cryptoassets At A Crossroad: Volatility, Adoption and Changing Market Perspectives

261: Why Are Global Investors Looking To Asia As An Investment Destination

264: Is Tokenization The Next Evolution of Financial Market Infrastructure

266: Midyear Outlook: Scarcity vs Abundance in The Age of AI

268: AI's Latest Frontiers: An Investor's Perspective on Space, AI and Equity Opportunities

2026 market themes, AI investing, portfolio construction, capital markets, digital assets, tokenization, geopolitics

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 https://www.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.

AI investing continues to shape markets as artificial intelligence (AI) moves beyond software and into the physical infrastructure of the global economy. From data centers and chips to space-based compute, autonomous trucks and humanoid robotics, the AI buildout is creating new questions about scarcity, supply chains and where value may accrue next.

In this episode of The Bid, host Oscar Pulido is joined by Tony Kim, Head of the Global Technology Team within BlackRock Fundamental Equities. Fresh from his 13th annual technology tour across San Francisco and Silicon Valley, Tony shares what he heard from leading innovators and how the AI conversation has evolved from model development to compute, infrastructure, physical AI and the changing shape of the technology stack.

Tony explains why AI investing may increasingly require looking across multiple layers of the ecosystem: the physical layer of power, chips, data centers and cloud infrastructure; the intelligence layer of foundation models; and the application and services layer where disruption remains a central question. The discussion also explores how AI is creating both scarcity and abundance, why data center demand is reshaping supply chains, and how countries and companies tied to the compute build-out may be positioned differently from more service-oriented parts of the market.

Check out our previous tech tour episodes with Tony Kim:

2025 - https://open.spotify.com/episode/6ffqOgM2CDbJGEoaWjgjIP?si=418fdf5f886c4f62

2024 - https://open.spotify.com/episode/3ruCZNZ7vHghypqwnQzslg?si=e62206f037df409b

Key moments in this episode:

00:00 Introduction

01:57 AI Wave Expands - How AI investing is expanding from model development into space, robotics and physical systems.

05:28 AI Goes To Space - How low Earth orbit satellites could create new forms of AI data and, potentially, new compute architectures.

07:51 Physical AI Adoption - Why autonomous vehicles, self-driving trucks and humanoid robots are part of the broader physical AI story

10:00 Rewiring The Internet

14:38 Where To Invest Now - How the shift in market value toward compute and model-centric companies is reshaping stock market trends.

18:55 Risks And Optimism

22:38 Wrap Up And What's Next on The Bid

AI investing, artificial intelligence, technology investing, capital markets, megaforces, data centers, robotics, stock market trends

Sources: BlackRock Fundamental Equities analysis of AI-related capex spending through 2030, as of July 2026; “How much does a GW of data center capacity actually cost” Investing.com, 2025; S&P Global Indices as at July 14th 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 https://www.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.

Defense investing is rapidly moving from the margins to the center of capital markets as geopolitical fragmentation, rising global tensions, and technological innovation reshape how nations allocate resources. What was once viewed as a niche or even overlooked sector is now emerging as a critical pillar of global infrastructure and security.

In this episode of The Bid, host Oscar Pulido sits down with Rolf Heitmeyer, Head of Industrials in BlackRock’s Fundamental Equities Group, to explore the forces driving this shift in defense investing. They discuss the surge in global defense spending, the changing competitive landscape between incumbent contractors and new entrants, and how innovation - from AI-enabled systems to low-cost drones - is transforming modern warfare.

As geopolitical megaforces continue to evolve and technology reshapes security priorities, defense investing is becoming an increasingly relevant theme for investors seeking to understand the intersection of global politics, innovation, and markets.

Key moments in this episode:

00:00 Introduction

01:41 AI Spending Surge Explained

04:52 Tech Industry Shakeup Ahead

07:14 Attritable vs Exquisite

09:49 Scaling the Arsenal

11:32 Startup Innovation Tour

14:39 Defense in Portfolios

16:05 A Long Supercycle

17:13 Wrap Up and Disclosures

Defense investing, capital markets, AI investing, megaforces, geopolitical risk, stock market trends, defense technology

Sources: “Venture capital investment in defense tech surges while M&A activity slows” S&P Global March 2026; “Over 11,000 munitions in 16 Days of the Iran War: ‘Command of the Reload’ Governs Endurance” RUSI, March 2026; Department of War Statistics; Data from BlackRock Fundamental Equities as of April 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 https://www.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.

Artificial intelligence continues to reshape economies and markets, but its rapid expansion is also exposing new constraints across energy, infrastructure, labor, and capital. As investors navigate an increasingly complex landscape, the debate has shifted from AI's potential to the practical realities of building the systems that support it.

In this episode of The Bid, host Oscar Pulido speaks with Jean Boivin, Head of the BlackRock Investment Institute, about BlackRock's 2026 Midyear Outlook. Together they examine the report's central theme - scarcity versus abundance - and discuss how AI, higher capital requirements, geopolitics, and structural economic changes are influencing today's investment landscape.

Jean explains why today's market environment is defined by multiple competing outcomes rather than a single base case, introducing the concept of "polyfurcation." He also explores the evolving AI investment opportunity, the importance of infrastructure, the role of tactical portfolio construction, and why investors may need to rethink traditional diversification as megaforces continue to reshape markets.

Key insights

• How AI is creating both new opportunities and new economic constraints
• Why scarcity has become a defining macroeconomic theme
• How "polyfurcation" changes the way investors think about uncertainty
• Why infrastructure is becoming central to the AI investment story
• How portfolios may evolve beyond traditional asset class diversification
• Where investors are focusing as AI continues to reshape global markets

AI investing, Midyear Outlook, capital markets, infrastructure investing, megaforces, stock market trends, artificial intelligence, global economy

Sources: BlackRock Investment Institute, Midyear 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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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Inflation and investing are once again front and center as markets assess a new mix of price pressures. In this Ask Me Anything episode of The Bid, host Oscar Pulido is joined by Helen Jewell, BlackRock’s International Chief Investment Officer for Fundamental Equities, and Tom Becker, senior portfolio manager on BlackRock’s Global Tactical Asset Allocation team.

Together, they explore what is driving inflation today, from AI infrastructure demand and energy bottlenecks to fiscal spending, supply constraints, and regional differences. The conversation examines how inflation is affecting capital markets, equities, fixed income, stock market trends, and portfolio diversification.

This episode also looks at the role of AI as both a near-term inflationary force and a potential longer-term productivity driver. As AI investing accelerates demand for electricity, chips, copper, data centers, and infrastructure, investors are watching how these megaforces reshape markets and the global economy.

Key insights:

· How AI infrastructure demand is contributing to inflation pressures

· Why inflation differs across regions, including the U.S., Europe, Japan, and China

· Where pricing power matters most for companies and sectors

· How inflation measures like CPI, PCE, and PPI inform market views

· Why sticky inflation can challenge traditional stock-bond diversification

· How investors can think about inflation across equities, bonds, and multi-asset portfolios

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Key moments in this episode:

00:00 Introduction: Why Inflation Matters

02:57 Supply Demand Basics

04:57 From Pandemic To Now

07:26 Inflation By Region

09:19 Equity Winners Losers

13:24 Which Inflation Metrics

15:23 AI And Macro Inflation

17:24 AI Bottlenecks Plays

18:58 Fixed Income And 60 40

21:03 Key Takeaways

Sources: “Harry Styles Ticket Prices Spark Outrage Among Fans”, Forbes, 2026; BlackRock Fundamental Equities, June 2026, based on analysis of company statements; Blackrock Fundamental Equities, June 2026, based on data from the UK Office of National Statistics

Inflation and investing, sticky inflation, AI infrastructure, fixed income, equities, portfolio diversification, capital markets, stock market trends

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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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Financial market infrastructure is often invisible to investors, yet it powers every trade, settlement, and ownership record across capital markets. As technology evolves, tokenization is emerging as a new way to represent and transfer financial assets, raising questions about how markets may operate in the future.

In this episode of The Bid, Oscar Pulido speaks with Rob Goldstein, Chief Operating Officer at BlackRock. They discuss what tokenization means in practice, how it differs from cryptocurrencies, and why digital assets are drawing increased attention from investors, institutions, and policymakers.

The conversation explores how tokenization could improve access, efficiency, and connectivity across financial markets. Rob also shares his perspective on the coexistence of traditional financial systems and digital assets, the role of digital wallets, and the regulatory developments that could shape adoption in the years ahead.

Key insights:

· How tokenization creates digital representations of financial assets

· Why tokenization differs from cryptocurrencies and Bitcoin

· How digital wallets could expand access to capital markets

· Why traditional finance and digital assets may coexist

· What role blockchain technology plays in financial infrastructure

· How regulation could influence the future of tokenized markets

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Key moments in this episode:

00:00 Tokenization Success Metrics

00:33 Markets Plumbing Shift

01:56 Welcome and Guest Intro

03:25 Defining Tokens and Wallets

06:07 Global Access and Wallet Growth

08:49 Traditional Finance Complexity

11:45 Bridging TradFi and Digital

13:45 Crypto vs Tokenization

16:57 Phone as Portfolio Hub

18:11 Op-Ed and Tech Evolution

22:09 Digital Assets in Portfolios

23:33 What Must Happen Next

25:08 Keep It Simple for Users

26:46 Closing Thoughts and Wrap

27:54 Outro and Disclosures

Tokenization, Digital assets, Financial market infrastructure, Capital markets, Blockchain technology, Digital wallets, Investing innovation, Financial technology

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 https://www.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.

Asia infrastructure investing is becoming central to the global energy transition as rising demand, energy security concerns, and the need for more resilient systems accelerate capital deployment across the region. In Southeast Asia, the opportunity is not only about replacing old systems, but building new infrastructure at scale for a growing economy.

In this episode of The Bid, host Oscar Pulido speaks live from Ecosperity in Singapore with Salim Samaha, Global Head of Energy at Global Infrastructure Partners, a part of BlackRock, and Heidi Yip, Head of Sustainable and Transition Solutions for Asia Pacific at BlackRock. Together, they discuss how the infrastructure opportunity is evolving globally, why Asia’s transition differs from Western markets, and where investors are seeing momentum across renewables, grids, storage, and system flexibility.

Key insights include:

· How Asia’s infrastructure build-out differs from Western markets

· Why energy security is becoming inseparable from the energy transition

· Where capital is flowing across renewables, grids, storage, and interconnection

· How public-private partnerships can help mobilize transition finance

· Why execution bottlenecks, permitting, and offtake frameworks remain critical

· Where AI, innovation, and rising demand may reshape future infrastructure needs

Key moments:

00:00 Asia Infrastructure Boom

01:06 Live From EcoSperity

03:16 Energy Transition Now

04:20 Southeast Asia Grid Challenge

06:43 West vs Asia Reality Check

08:58 How APAC Investors Deploy Capital

11:26 Scaling Projects and Labor Crunch

13:17 Where Capital Flows and Bottlenecks

15:13 Five Year Outlook and Innovation

17:23 Wrap Up and Disclosures

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Asia infrastructure investing, energy transition, infrastructure, capital markets, megaforces, renewables, energy security, sustainable investing

Sources: IEA World Energy Investments 2025, Southeast Asia; IEA World Energy Investments 2024; IEA Global Energy Review 2026, Electricity generation mix for selected regions, 2025; IEA Integrating Solar and Wind in Southeast Asia; IEA Southeast Asia Energy Outlook 2024; IEA Global Energy Review 2026, Electricity generation mix for selected regions, 2025; Singapore Monetary Authority Press Release 2024; IEA data and charts energy investments; Urban Population in Southeast Asia, 2023-2050, IEA

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 https://www.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.

ETFs in Asia have grown significantly since the global financial crisis, but their role is changing. What began as a way to access markets is now expanding into broader portfolio applications as investors face more complex market conditions.

In this episode of The Bid, Oscar Pulido speaks with Christian Obrist, Head of iShares Distribution in Asia, and Nick Peach, Head of iShares Asia Pacific at BlackRock. They discuss how ETF usage in the region has developed and how investors are applying them across different strategies.

The conversation explores how education has shifted from fundamentals to advanced use cases, including liquidity management, tactical allocation, and operational efficiency. It also highlights the role of digital investors, the importance of local market development, and how ETFs are becoming more integrated into portfolio construction.

Key moments in this episode

00:00 Introduction

02:15 How ETF usage in Asia has moved beyond market access

03:55 Why ETF investor education is shifting toward advanced applications

05:15 Active ETFs and Efficiency

06:43 Asia Ecosystem Differences

07:40 How digital investors are influencing ETF adoption

08:59 Why local market listings matter for ETF accessibility

11:27 How ETFs are becoming more integrated into portfolio construction

13:52 Asia Weekend Travel Picks

15:05 Wrap Up and Disclosures

Sources: BlackRock client Survey May 2026

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ETFs Asia, ETF adoption, portfolio construction, Asia markets, digital investors, liquidity management, passive investing

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 https://www.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.

Asia has often been viewed as a long-term growth story, but its role in global markets is becoming more immediate. The region now represents a significant share of global GDP and listed companies, while operating across distinct economic and policy cycles.

In this episode of The Bid, Oscar Pulido speaks with Aarti Angara, Head of Global Product Solutions in Asia Pacific at BlackRock. They examine why Asia is gaining more attention from investors and how opportunities are developing across equities and fixed income.

The conversation highlights the region’s diversity across countries, sectors, and growth drivers. It also explores themes such as AI-related manufacturing, domestic consumption in emerging markets, Japan’s shift in corporate behavior, and the role of Asian bond markets in diversification

Key moments in this episode:

00:00 Introduction

02:23 How Asia’s scale is influencing its role in global portfolios

04:20 Why policy and economic cycles differ across the region

07:10 Why Japan’s corporate and inflation dynamics are drawing attention

08:36 Where AI-related manufacturing is concentrated

10:20 How domestic consumption is developing in India and Southeast Asia

12:47 How Asian fixed income behaves differently from developed markets

14:35 How to Allocate in Asia

17:42 Singapore Travel Tips

18:50 Wrap Up and Disclosures

Sources: Bloomberg May 12th 2026,

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Asia investing, APAC markets, Asian equities, Asian fixed income, Japan economy, AI supply chain, emerging Asia, portfolio diversification, Asia equity markets

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 https://www.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.

Retirement systems are undergoing a structural shift as traditional pensions decline and individuals take on greater responsibility for financial outcomes. Longer lifespans and evolving capital markets are making retirement planning more complex and consequential.

Oscar Pulido speaks with Nick Nefouse, Global Head of Retirement Solutions at BlackRock. They discuss how defined contribution plans, target date funds, and regulatory changes are reshaping how individuals save, invest, and prepare for retirement.

The conversation explores how retirement is moving from a focus on accumulation to income generation, particularly during the “retirement window.” It also highlights how global systems are converging toward similar models, and how innovation—across portfolio construction, private markets, and guaranteed income—is influencing long-term outcomes.

Key insights:

· How the shift from pensions to defined contribution plans is changing investor responsibility

· Why longevity is reshaping retirement timelines and financial planning needs

· How target date funds are simplifying access to capital markets for individuals

· What the “retirement window” reveals about diverging investor outcomes

· Where global retirement systems are converging despite regional differences

· How income generation is becoming central to retirement portfolio design

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Key moments in this episode:

00:00 Introduction to retirement trends

02:00 Shift from pensions to defined contribution plans

04:30 The role of target date funds and regulation

6:00 The retirement “window” and investor behavior

8:00 Expanding access to retirement plans

10:00 Global retirement system comparisons

14:00 Retirement vs. wealth management convergence

16:00 Market volatility and long-term investing

18:00 The future of retirement systems and innovation

Sources: BlackRock Retirement Trends Report, 2025; Federal Reserve Bank of St. Louis, “Pension or 401(k)? Retirement Plan Trends in the U.S. Workplace,” 2025

retirement trends, retirement planning, defined contribution, 401k, target date funds, longevity, financial planning, investing,

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. The views expressed by third‑party speakers are their own and do not necessarily reflect the views or positions of BlackRock, nor should they be interpreted as an endorsement by BlackRock. 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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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Crypto investing is at a crossroads as digital assets move from speculative beginnings toward broader institutional adoption and integration into capital markets. As volatility persists and infrastructure evolves, investors are increasingly asking not what crypto is—but what role it plays in portfolios.

Host Oscar Pulido is joined by Robbie Mitchnick, Head of Digital Assets at BlackRock, and Dan Morehead, CEO of Pantera Capital, live from Miami at BlackRock’s Latin America Investment Forum. Together, they explore how crypto investing has evolved, why institutional participation is accelerating, and how investors are reassessing digital assets within diversified portfolios. The conversation examines the dual nature of crypto as both a volatile, risk-sensitive asset and a potential long-term diversifier. Robbie outlines how bitcoin’s unique characteristics—scarcity, decentralization, and independence from sovereign systems—differentiate it from traditional assets in capital markets. Dan reflects on early conviction in crypto and why institutional adoption may still be in its early stages, despite growing awareness.

Check out our previous episode on Gold and Bitcoin as Portfolio Diversifiers: Why Interest Is Rising Now: https://open.spotify.com/episode/7LTut5pKnHVfrOdoAFM5r9

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Key moments in this episode:

00:00 Introduction

03:30 Early conviction in crypto investing

05:00 Crypto as a portfolio asset

08:00 Understanding volatility and cycles

10:10 Bitcoin vs. Ethereum and market structure

12:00 Institutional adoption trends

15:00 Crypto in Latin America

17:00 Retail vs institutional investors

19:00 Future of crypto investing and regulation

21:00 AI and blockchain convergence

23:00 Closing thoughts

Sources: Bitcoin market cap, Forbes April 19th 2026; Transforming Global Trade: Bitso Business at the Forefront of Blockchain”, Bitso Business 2025

crypto investing, bitcoin, ethereum, digital assets, blockchain

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 https://www.blackrock.com/corporate/compliance/bid-disclosures.

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Portfolio construction is being redefined as investors face a fundamentally different market regime. Higher inflation, shifting interest rate dynamics, and accelerating megaforces like AI and geopolitics are challenging long-held assumptions about diversification and asset allocation across capital markets.

In this episode of The Bid, host Oscar Pulido sits down with Vivek Paul, Head of Portfolio Research and UK Chief Investment Strategist at the BlackRock Investment Institute. Together, they explore why traditional portfolio construction frameworks may no longer be sufficient and how investors are adapting to a world of greater uncertainty, dispersion, and structural change. Vivek explains how megaforces such as AI investing and geopolitical fragmentation are creating unprecedented outcomes across markets, making static asset allocation less effective. He outlines why portfolio construction must become more dynamic and granular, with a deeper focus on underlying risk exposures rather than broad asset class buckets. The conversation also examines the growing importance of private markets, active strategies, and scenario analysis in navigating today’s environment.

Timestamps

00:00 Introduction

01:56 What’s driving the shift in portfolio construction

03:24 Megaforces: AI and geopolitics

06:15 Rethinking traditional asset allocation

09:27 Diversification in a new regime

12:10 Total Portfolio Approach: Private markets and active strategies

14:28 Scenario analysis and future outcomes

17:48 Risks and maintaining structure

19:00 Key takeaways

Sources: Rethinking portfolio construction during transformation, BII February 2026

portfolio construction, capital markets, AI investing, megaforces, asset allocation, private markets, stock market trends, investing strategy, diversification

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 https://www.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 S&P 493 is gaining attention as investors look beyond the Magnificent Seven and reassess where growth and diversification may come from in today’s equity markets. With market concentration at historic highs, a handful of mega cap companies have driven much of the S&P 500’s returns, raising questions about what lies beneath the surface.

In this episode of The Bid, host Oscar Pulido speaks with Ibrahim Kanan, Head of the U.S. Core Equity Team within BlackRock’s Fundamental Equities Group, about the growing relevance of the S&P 493 — the broader set of companies outside the largest names. They explore how market concentration has evolved, why a $200 billion company represents only a small fraction of the index, and what that means for portfolio exposure.

The conversation highlights how earnings growth is beginning to broaden beyond mega cap stocks, supported in part by the expanding impact of AI investment across sectors. From industrials and healthcare to consumer and financials, companies are both benefiting from AI infrastructure spending and adopting AI to improve operations. As dispersion across companies increases, the discussion also examines how active investing, differentiation, and stock selection may play a larger role in navigating today’s equity market.

Key moments in this episode:

00:00 Introduction

01:24 How Unprecedented Is 40% market Concentration of Magnificent Seven?

03:35 What the S&P 493 represents

05:28 Best of the Rest Signals

07:21 Earnings Growth and Convergence Explained

08:04 AI CapEx Spreads Beyond Nvidia

10:31 AI as a Competitive Edge

13:14 Where Opportunities Show Up

14:35 Beyond AI and Idiosyncratic Picks

15:44 Diversification Mirage and Active Risk

18:04 Investor Mindset in Volatile Markets

19:56 Wrap Up

Check out this episode with Carrie King on her stock picks for 2026: https://open.spotify.com/episode/69Ndp7lM8wRRccLh7EfyPg

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S&P 493, Magnificent Seven, US equities, stock market trends, AI investing, capital markets, active investing, portfolio diversification

Sources: BlackRock Fundamental Equities with data from FactSet and Bloomberg as of 12/31/25; Yahoo Finance, Stock Prices for NVDA and HAS, US ISM Manufacturing PMI 2026; “Here's the Average Stock Market Return in the Last 15 Years and What Wall Street Expects in 2025”, Yahoo Finance January 2025; “‘Magnificent-7’ Q4 2024 Earnings Review: Growth Holds, but Rotation Awaits” LSEG March 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 https://www.blackrock.com/corporate/compliance/bid-disclosures

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