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AI-driven investment, rising leverage and shifting market structures are reshaping the 2026 market outlook. As companies scale up spending on data centers, chips and digital infrastructure, micro-level decisions are beginning to shape the macro picture in ways investors haven’t seen before.
In this episode of The Bid, host Oscar Pulido speaks with Jean Boivin, Head of the BlackRock Investment Institute, about the three big themes shaping BII’s 2026 outlook: the unprecedented pace of AI-related capital expenditure, the rise in government and corporate borrowing, and why diversification is becoming harder in a world driven by powerful megaforces.
Jean explains how AI has emerged as the dominant driver of investment and growth, why companies may need to “leverage up” to finance the build-out, and how this interacts with already-stretched sovereign balance sheets. He also unpacks the “diversification mirage” — the idea that in a market led by a few forces, some strategies that appear diversified may actually be concentrated views.
Key insights include:
• How AI-related capex is influencing growth, earnings and market structure
• Why governments and companies may increasingly rely on debt financing
• The potential for private credit in a more leveraged system
• Why traditional diversification is less effective in a megaforce-driven market
• Where BII sees opportunities across Japan, Europe and emerging markets
Key moments in this episode:
00:00 AI's Unprecedented Growth in 2025 and Beyond
01:06 Introduction to the 2026 Global Outlook
02:04 Three Key Themes for 2026
03:33 The Dominance of AI in the Global Economy
05:58 Is AI in a Bubble?
10:41 Leveraging Up: Financing the AI Revolution
14:28 Diversification Mirage in the AI Era
17:36 The Future of Finance: Private Credit and Digital Innovation
20:17 Investment Opportunities in 2026
23:04 Conclusion and Holiday Wishes
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2026 market outlook, AI investing, AI Buildout, AI infrastructure, Capital markets, Megaforces, Stock market trends, Private credit, Global macro outlook, diversification strategies
#2026outlook #megaforces #aiinvesting #AIbuildout #privatecredit #capital markets
Sources: BlackRock Investment Institute 2026 Global Outlook
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. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.
