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

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.TIMESTAMPS:0:00 - Tech valuations declining2:00 - 3 layers of AI5:26 - Runway for the physical layer7:46 - Another dot-com overbuild?9:17 - Power constraint11:15 - Indium, an AI choke point14:52 -Risks in AI portfolios16:05 - Why thematic funds beat sectors19:25 - Defense stocks22:10 - Healthcare25:17 - Commodities26:25 - Robotics27:19 - Bitcoin at BlackRock30:58 - Highest-conviction themes32:57 - Why not financials?33:53 - Follow Jay