AI Bubble or Opportunity? Blackshard on Investing in a Fractured World

Blackshard finished second in the 2025 UK Investment Competition with a portfolio built around one central idea: investing in a “Fractured World.”In this episode of Rising Stars in Investing & Finance, Dr. Luba Schoenig speaks with Sushant Shyam, Sujay Aggarwal and Aran Grant from University College London about the thinking behind their investment strategy.The team explains how geopolitical volatility, tariffs, reshoring and changing market regimes influenced their portfolio — and why they combined higher-conviction equity ideas with banks and ETFs to manage risk.The conversation then turns to one of the biggest questions facing markets today: are we in an AI bubble?The team debate whether today’s AI boom resembles the dot-com era, whether market expectations are beginning to run ahead of reality, and what a potential correction could mean for investors.They also discuss the growing role of private credit in financing AI infrastructure, the risks created by reduced transparency in private markets, and why companies such as Alphabet, Microsoft and AMD featured in their approach to technology exposure.Other topics include their contrarian investment thesis around Argentina, portfolio construction, managing losing positions, market volatility, and what retail investors can do if they are worried about a correction.A conversation about conviction, macro investing, AI, risk management and how young investors can build a portfolio around a coherent investment thesis.This podcast is for educational purposes only and does not constitute financial advice. Always do your own research or consult a qualified financial advisor.