Thematic Investing in 2026: AI, Defense, Infrastructure, and the Next Phase of Market Transformation

Jay Jacobs, Head of US Equity ETFs at BlackRock, discusses 2026 thematic investing trends on The Bid podcast, noting that AI investment is shifting from growth narratives to focus on usage intensity, geopolitical fragmentation is reshaping the definition of defense, and physical infrastructure is becoming a key market constraint. The discussion is based on the iShares 2026 thematic outlook and is for informational purposes only and does not constitute investment advice.