The Bid 230: AI At The Frontier: A Stock Picker's Take on AI Investing
Sep 5, 2025
Tony Kim, head of BlackRock's Global Technology Team, dives into AI's impact on stock markets and investment trends. He discusses the transformative AI technology stack and its implications for infrastructure spending. The conversation touches on quantum computing, highlighting its potential as a revolutionary platform, and the crucial need for cybersecurity as AI technology evolves. Additionally, they explore the societal impact of AI and the exponential growth of humanoid robots, revealing promising investment opportunities across various sectors.
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Three-Layer AI Investment Stack
- AI investment concentrates at three layers: compute/infrastructure, intelligence/models, and applications/services.
- Compute spending already equals ~0.5% of global GDP and fuels exponential model improvements.
Compute Drives Exponential Intelligence
- More compute drives substantially more intelligence in models, creating an inexorable linkage between infrastructure and capability.
- This feedback loop is producing exponential improvements in AI system capability year over year.
AI Will Fuse Software And Services
- AI will merge software with labor and services, expanding beyond traditional software applications.
- That convergence threatens to affect over half of global GDP in the service layer.