Three Big Themes for 2026

AI-driven investment, rising leverage and shifting market dynamics are reshaping the 2026 stock market outlook. As companies accelerate spending on data centers, chips and digital infrastructure, micro-level decisions are increasingly influencing the capital markets and broader economy.

In this episode of The Bid, host Oscar Pulido speaks with Jean Boivin, Head of the BlackRock Investment Institute, about the major forces shaping the 2026 markets and investing landscape. Jean breaks down how AI-related capital expenditure is transforming growth patterns, why governments and companies may need to leverage up to finance large-scale projects, and how these trends interact with today’s policy and market environment.

They also explore the diversification mirage — the idea that in an economy driven by a few powerful megaforces, some strategies that appear diversified may actually be concentrated calls. Jean shares how this affects views on regional equity markets, fixed income trends and the evolving structure of global investing.

🔗 Check out this Spotify playlist for more on the AI growth story: https://open.spotify.com/playlist/1rt6kLl0fzg9D7puEkAupq

Key moments in this episode:

00:00 Introducing AI's Unprecedented Growth in 2025 and Beyond

01:11 Introduction to the 2026 Global Outlook

02:04 Three Big Market Themes for 2026

03:33 AI's Dominance and Economic Impact

05:39 Is AI in a Bubble?

09:44 Leveraging Up: Financing the AI Boom

12:30 Diversification Mirage in the AI Era

15:06 Future of Finance: Private Credit and Digital Innovation

17:30 Investment Opportunities Beyond AI

19:28 Conclusion and Final Thoughts

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Sources: BlackRock Investment Institute 2026 Global Outlook

2026 market outlook, AI investing, AI Buildout, AI infrastructure, Capital markets, Megaforces, Stock market trends, Private credit, Global macro outlook, diversification strategies

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