Is AI a Bubble and How to Assess Valuation

Stock market trends are in sharp focus as central banks pivot, earnings broaden beyond mega-cap leaders, and AI-driven CapEx reshapes corporate priorities. In this AMA edition of The Bid, host Oscar Pulido sits down with BlackRock’s Gargi Pal Chaudhuri, Chief Investment and Portfolio Strategist for the Americas in the Investment Portfolios Solutions team. Together they field listener questions on rate cuts, market breadth, ETF flows, and how AI adoption could influence equity leadership over time.

Gargi brings a cross-asset lens to what’s driving global growth and volatility. Fresh off a busy earnings season and recent policy moves, she shares what she’s hearing most from investors and how she thinks about portfolio positioning in the present market environment.

Key moments in this episode:

02:00 Parallels between running and investing - run your own race, what are your risk parameters

04:32 Where policy’s heading: The Fed’s first rate cut marks a shift toward easing. December isn’t guaranteed, but the big picture is that rates are starting to move toward more normal levels.

07:52 Earnings season check-in: Big tech is still leading, but other companies are finally joining in with stronger results. That’s helping the market feel a little more balanced.

11:29 AI spending boom: Companies are pouring money into data centers and infrastructure to keep up with AI demand—funded by healthy cash flows and long-term plans.

12: 25 Shoppers are split: Higher-income consumers are still spending on travel and tech, while others are trading down to save. GLP-1 medicines (like weight-loss drugs) are showing up as a big talking point for companies.

13:40 Money on the move: Investors are starting to put cash to work again. ETF flows hit over $1 trillion this year, with interest across bonds, stocks, and even gold.

16:37 Bonds and gold today: Many people are looking at bonds for income and keeping an eye on gold as markets shift.

Check out this Spotify playlist for more content on alternative investing: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI

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stock market trends, capital markets, AI investing, earnings season, monetary policy, ETF flows, megaforces, market volatility

Sources: Data sourced from Bloomberg as of November 5th 2025; iShares client poll October 20th 2025; iShares analysis and calculation of AI stock performance.

Disclosures: 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-EEA countries, this is authorized and regulated by the Financial Conduct Authority. In the EEA, it is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures

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