272: Space, The Final Investing Frontier - How AI and Technology Are Expanding the Economy

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

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

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.

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 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.