On April 9th, the U.S. administration announced a 90-day tariff pause on country-specific reciprocal tariffs, exempting key tech imports while maintaining high tariffs on select Chinese goods. This decision introduced extraordinary volatility to global markets. Notably, the S&P 500 rebounded nearly 6% last week, marking one of its largest daily jumps in history. Meanwhile, long-term U.S. Treasury yields spiked, reflecting investors' altered risk perceptions in light of the tariff adjustments. At the same time, the U.S. dollar tumbled to three-year lows against major currencies, highlighting concerns about future currency valuations in these tumultuous times. But the question remains, how should investors respond when considering the implications of prolonged uncertainty, including potential recession risks, impacts on corporate investment, and consumer spending?

In this episode of The Bid, Oscar Pulido is joined by Alex Brazier, Global Head of Investment & Portfolio Solutions and Helen Jewell, Chief Investment Officer for EMEA at BlackRock. Alex and Helen will help us unpack the details of this tariff pause, its effects on market dynamics, and provide strategic insights for investors considering how to navigate volatile markets.

NOTE: This episode was recorded and published on April 15th 2025

Key moments:

00:00 Introduction to the Tariff Pause, Market Reactions and Volatility

02:45 Discuss Historic Market Movements

06:48 Equity Market Reactions

09:13 Portfolio Strategies in Uncertain Times

12:20 Investor Questions

14:12 Looking Ahead: What Are Experts Looking For?

18:46 Conclusion and Final Thoughts

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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures

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The recent tariff announcements by President Trump on April 2nd have sent shockwaves through the global markets, triggering significant market volatility, driven by the uncertainty of these tariffs and their impact on global supply chains, inflation, and economic growth. As markets are grappling with various potential scenarios, how should investors be positioning their portfolios to navigate continued uncertainty?

Glenn Purves, Global Head of Macro at the BlackRock Investment Institute and Gargi Pal Chaudhuri, Chief Investment and Portfolio Strategist for the Americas at BlackRock. Glenn and Gargi will help us navigate the current themes driving market dynamics, how these shifts impact supply chains and prices, and how investors can manage volatility and uncertainty in these turbulent times.

This episode was recorded April 8th and published April 9th prior to the announcement of the 90-day pause on tariffs.

Key moments:

01:52 Overview of Recent Tariff Announcements

04:56 Market Reactions and Volatility

08:42 Investment Strategies Amid Uncertainty

10:26 Investor Sentiment and Portfolio Positioning

14:51 Key Indicators and Future Outlook

19:32 Conclusion and Final Thoughts

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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures

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When people think of how early-stage companies finance their initial growth, venture capital and private equity are often the first things that come to mind, but growth and venture debt have become increasingly prominent in the financial landscape, especially in the wake of the collapse of Silicon Valley Bank. Ross Ahlgren, a portfolio manager in the growth debt team at BlackRock, joins Oscar to help us understand the current themes driving growth and venture debt opportunities, how his team identifies and evaluates emerging trends, and the role of relationships and local presence shaping the future of this market.

Go back and listen to episode 120 "Why Are These Events Different to 2008?" where we break down what happened at Silicon Valley Bank in 2023.

00:00 Introduction to Venture and Growth Debt

01:31 Understanding Venture and Growth Debt

02:45 The Role of Venture Debt in Company Expansion

04:28 Misconceptions and Risk-Reward in Venture Debt

07:13 Impact of Silicon Valley Bank Collapse

13:32 Regional Differences in Venture Debt

15:01 Investment Opportunities and Risks

18:53 Conclusion and Final Thoughts

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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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures

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When investors consider how to diversify their investment portfolios, traditional assets like stocks and bonds are often the first things that come to mind. But private markets have become increasingly prominent in the financial landscape. These unique investments can offer diversification benefits that are often insulated from broader economic cycles. So, what's driving this shift towards private market investments and how are these trends reshaping the strategies of investors compared to previous cycles? Paul Braude and Vidy Vairavamurthy, Portfolio managers at BlackRock, join Oscar to help us understand the current themes driving private market opportunities, how they identify and evaluate emerging trends, and how private market investments can complement public market exposures.

00:00 Introduction to Diversifying Investment Portfolios

00:16 The Rise of Private Markets

01:44 Understanding Private Markets and Alternatives

03:52 Evolution and Growth of Private Markets

07:03 Challenges and Opportunities in Private Markets

12:34 Emerging Private Assets

16:21 Trends Driving Private Markets

19:50 Conclusion and Future Outlook

Sources: “As companies stay private longer advisors need access to private markets”, Nasdaq, August 2022; BlackRock with data from Prequin as of April 2024; “Expanded DPO” View

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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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures

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Infrastructure investments have long been recognized as a foundation for economic growth and low carbon infrastructure is increasingly becoming an area of interest for investors in both public and private markets. But how will low carbon infrastructure play a role in the evolving energy investing landscape? Helen Jewell, Chief Investment Officer for fundamental equities at BlackRock helps us explore the significance of infrastructure from an investing perspective, the opportunities in public markets, and the long-term growth potential from investments in renewable energy.

Timestamps:

00:00 Introduction to Low-Carbon Infrastructure

00:41 Market Insights with Helen Jewell

03:45 The Role of Public Markets in Infrastructure

07:47 Low Carbon Infrastructure and Energy Needs

10:21 Utilities and Renewable Energy Investments

16:23 Challenges in Infrastructure Investing

17:57 Conclusion and Future Outlook

Sources: “Growth in global electricity demand is set to accelerate in coming years” in IEA, February 2025; BGF Sustainable Growth Infrastructure Fund, Fundamental Equities, BlackRock Febrruary 2025; FTSE Developed Core Infrastructure Index = 3.35%, Source: FTSE Russell as at 31 January 2025; National Grid Sell US Onshore Renewables Arm $174billion Brookfield” Reuters, February 2024; Bloomberg NEF, January 2025; Bloomberg New Energy Outlook, 2025; “How Copper Will Shape Our Future” BHP, September 2025;

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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures

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Rapid advancements in artificial intelligence are influencing global power dynamics in ways that are reshaping the investment landscape. So, how are these AI developments impacting geopolitics, and what does this mean for investors?

Catherine Kress, Head of Geopolitical Research and Jeff Shen, co-head of systematic equities at BlackRock join Oscar to help us understand the current themes driving the intersection of AI and geopolitics, how the broader technology and AI race is evolving, and the broader implications of the shifting US policy landscape on active management opportunities.

Timestamps:

00:00 Introduction to AI and Geopolitics

00:46 Welcome and Guest Introduction

01:44 Intersection of Geopolitics and AI for investing

02:13 US-China Technology Competition

02:36 Economic and Military Implications of AI

04:09 US Policy on AI and Technology

08:11 Impact on the Tech Sector and Investments

11:06 DeepSeek and the AI Race

19:15 Future Investing Risks and Opportunities

21:44 Conclusion and Final Thoughts

Sources: DeepSeek model training cost claims from paper, January 2025; 60% of US tech revenues derived from overseas based on Aladdin Explore, using revenue breakdowns from the S&P 500 index as of 4/30/2024; “DeepSeek's low-cost AI spotlights billions spent by US tech” Reuters, January 2025; “How DeepSeek AI Sparks Nearly $1 Trillion U.S. Tech Implosion”, Investors Business Daily, January 2025;“Nvidia Stock Has Almost Recovered From DeepSeek Rout. There’s More Good News” Barrons, February 2025; “US government commission pushes Manhattan Project-style AI initiative”, Reuters, Nov 2024; “US tightens control on AI chips export drawing pushback” BBC, January 2025; “FACT SHEET: Ensuring U.S. Security and Economic Strength in the Age of Artificial Intelligence” White House Press Briefing, January 2025; “What Donald Trump’s Win Means For AI” Time Magazine, November 2025; “Trump plans to impose 25% tariffs on autos, chips and pharmaceuticals”, CNN, February 2025; “REMARKS BY VICE PRESIDENT VANCE AT THE ARTIFICIAL INTELLIGENCE (AI) ACTION SUMMIT” US Embassy 2025, February 2025

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 the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures

AI, ai, investment, economy, investing, geopolitics, asset management, policy, mega forces, investment podcast, the bid podcast, geopolitics, deepseek, blackrock, investing podcast

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Thematic investing is rapidly gaining traction in today’s investment landscape, but how can investors take advantage of this emerging strategic approach that is thematic investing?

Thematic investing focuses on identifying long-term trends or themes—such as technological advancements, sustainability, or shifting demographics—that could drive growth and innovation. This investment portfolio strategy allows investors to align their portfolios with the forces shaping the future of markets.

In this episode of The Bid, an investing podcast from BlackRock, Jeff Shen, co-head of Systematic Active Equity at BlackRock joins Oscar will explore how BlackRock’s team identifies and evaluates these emerging investing themes, utilizing advanced data analytics and technology to stay ahead of market trends. Jeff will also shed light on how technology plays a crucial role in shaping the future of investing, with innovations like artificial intelligence and big data reshaping the way investors make decisions.

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. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures

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