BlackRock Investment Chief: The stocks that WIN the next decade of AI

<p>Jay Jacobs is the US head of equity ETFs at BlackRock. He joins Phil Rosen on Full Signal to discuss the three layers of the AI trade, whether the data center buildout echoes the dot-com overbuild, the physical choke points that could throttle AI, and why healthcare may be the most overlooked way to own the theme.</p><p><br></p><p>TIMESTAMPS:</p><p><br></p><p>0:00 - Tech valuations declining</p><p>2:00 - 3 layers of AI</p><p>5:26 - Runway for the physical layer</p><p>7:46 - Another dot-com overbuild?</p><p>9:17 - Power constraint</p><p>11:15 - Indium, an AI choke point</p><p>14:52 -Risks in AI portfolios</p><p>16:05 - Why thematic funds beat sectors</p><p>19:25 - Defense stocks</p><p>22:10 - Healthcare</p><p>25:17 - Commodities</p><p>26:25 - Robotics</p><p>27:19 - Bitcoin at BlackRock</p><p>30:58 - Highest-conviction themes</p><p>32:57 - Why not financials?</p><p>33:53 - Follow Jay</p>