AI and bond markets are becoming increasingly interconnected as artificial intelligence reshapes capital demand, market structure, and investing approaches across fixed income. As inflation regimes shift and traditional diversification dynamics evolve, investors are rethinking the role bonds play in portfolios.

In this episode of The Bid, host Oscar Pulido speaks with Jeff Rosenberg, Senior Fixed Income Portfolio Manager at BlackRock Systematic, about how AI and bond markets are evolving together. They explore how the rise of artificial intelligence is driving a new wave of capital investment, influencing real interest rates, and increasing debt issuance as companies finance AI infrastructure through bond markets.

The conversation also examines how AI and bond markets intersect at the investment level. Rosenberg explains how advances in machine learning and generative AI are enhancing systematic investing, improving tools like sentiment analysis, and enabling deeper insights across thousands of issuers, central banks, and global markets.

Finally, they discuss how modernization in fixed income — including electronic trading and the growth of bond ETFs — is transforming liquidity and price discovery. Together, these shifts are creating new opportunities and challenges for investors navigating a more complex and data-driven bond market.

Key insights in this episode:

00:00 Introduction to AI and Bonds

02:20 From GFC to Post COVID - How bond markets have changed over time

03:31 Bonds Beyond Ballast

05:20 Inflation, rates, and diversification challenges

06:53 Debt issuance and AI financing trends

08:42 Generative AI Toolkit - using AI in fixed income investing

10:14 ETFs and Price Discovery

12:33 Systematic Investing and Data-Driven Strategies at Scale

14:43 The Future of Bond Markets and AI and Technology

17:04 Wrap Up and Disclosures

Sources: Stock-Bond Diversification Offers Less Protection From Market Selloffs, IMF article, February 2026; “On Secular Stagnation in the Industrialized World”, Paper released by Harvard and Bank of England, 2019; “Financing the AI boom: from cash flows to debt”, BIS Bulletin paper, January 2026; ‘AI is eating software’ and it is redefining supply chain decision-making as a result”, Supply Chain Management Review article, 2026; How AI is transforming Investing”, BlackRock 2026; The economic potential of generative AI: The next productivity frontier”, McKinsey 2026; “40 years of innovation in pursuit of alpha”, BlackRock, 2025; “Key Trends in Credit Markets for 2025” Barclays 2025

AI and bond markets, fixed income investing, AI investing, bond market trends, systematic investing, capital markets, interest rates, bond ETFs

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.

Private markets are moving from the sidelines of institutional portfolios into the mainstream of wealth management. As companies stay private longer and financing increasingly happens outside public exchanges, investors are beginning to rethink how broad the traditional investment universe really is. The shift is raising a new question for portfolios: should investors be looking beyond public markets to access the full range of opportunities across capital markets?

In this episode of The Bid, host Oscar Pulido speaks with Jon Diorio, Head of Product and Alternatives for BlackRock’s U.S. Wealth Business, live from the Future Proof Citywide conference in Miami. Together they explore why interest in private markets has accelerated in recent years, how access for individual investors has expanded, and what’s driving greater adoption among financial advisors.

They also discuss how private markets differ from public markets — including liquidity considerations, longer investment horizons, and the potential role of what’s often called an “illiquidity premium.” The conversation explores how private equity, private credit, infrastructure, and real estate investments may fit within diversified portfolios, why education and due diligence remain essential, and how the industry is evolving to integrate private assets more seamlessly into modern portfolio construction.

Key insights from this episode:

00:00 Introduction

02:11 What are private markets and alternatives and Why Now?

03:09 Why companies are staying private longer

04:54 How access to private markets has expanded

06:46 Are Private Markets for Everyone?

08:33 Liquidity, time horizons, and the illiquidity premium

11:33 How advisors integrate private markets into portfolios

13:58 Challenges and due diligence in private markets

15:21 Next Steps and Wrap Up

16:59 Outro and Disclosures

Sources: Bloomberg as at 12/31/2025, BlackRock US Wealth Survey Internal

private markets investing, private equity, private credit, alternatives investing, portfolio diversification, capital markets, wealth management, investment strategies

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.

Alternative investing is moving from a niche allocation to a core portfolio conversation. As volatility returns, interest rates reset higher, AI accelerates capital spending, and fiscal deficits expand, investors are reassessing what diversification really means. In a world where stocks and bonds can move together and macro forces dominate markets, traditional portfolio frameworks are under pressure.

In this episode of The Bid, host Oscar Pulido revisits conversations with investors and strategists across BlackRock to explore why alternative investing is gaining renewed attention. From private equity, private credit, and infrastructure to hedge fund strategies, gold, and digital assets, the episode examines how alternatives are being used to broaden return drivers and navigate today’s regime shift in capital markets.

The discussion highlights how structural megaforces — including AI buildout, geopolitical fragmentation, and fiscal expansion — are reshaping opportunity sets. Private markets offer exposure to long-duration capital themes and potential illiquidity premia, though with liquidity tradeoffs and manager dispersion. Hedge fund strategies aim to capture rising market dispersion through flexible long/short and systematic approaches. Infrastructure sits at the center of AI-driven energy demand and essential services. Meanwhile, gold and digital assets are increasingly viewed as monetary alternatives with distinct risk-return profiles. As portfolio construction evolves beyond the traditional 60/40 model, alternative investing is becoming part of a broader shift toward expanding diversification tools in volatile markets.

Check out the previous episodes featured in this episode in this playlist on Alternative Investments: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI

Key insights from this episode:

00:00 Introduction

01:08 Why traditional diversification has become harder in AI-driven markets

03:22 Defining Alternative Investing

04:00 How private markets have grown — and what tradeoffs they introduce

06:04 Infrastructure The AI Buildout: Where infrastructure investing connects to AI and energy demand

08:37 Liquid Alternatives & Hedge Fund Strategies

12:12 Systematic Alpha In Volatility

13:36 How gold and digital assets fit into the evolving diversification toolkit

18:38 Rethinking Portfolio Mix

19:22 Wrap Up And Next Episode

Alternative investing explained, private equity, private credit, hedge fund strategies, infrastructure investing, AI capital spending, portfolio diversification, 60/40 portfolio shift, digital assets, bitcoin investing, gold investing, capital markets outlook, alternative investing

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.