249: Thematic Investing in 2026: AI, Defense, Infrastructure, and the Next Phase of Market Transformation
The Bid
Outro
Episode closing: thank yous, regulatory disclosures, and links to further Bid episodes and disclosures.
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
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