The Bid - An Investing Podcast from BlackRock

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
🔗 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
🔗 Learn More About BlackRock: https://1blk.co/41uwhDS
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 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.

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
🔗 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
🔗 Learn More About BlackRock: https://1blk.co/41uwhDS
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 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.
🔗 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
🔗 Learn More About BlackRock: https://1blk.co/41uwhDS
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 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 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.

🔗 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
🔗 Learn More About BlackRock: https://1blk.co/41uwhDS

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 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.

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
🔗 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
🔗 Learn More About BlackRock: https://1blk.co/41uwhDS
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 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.