AI investing continues to shape markets as artificial intelligence (AI) moves beyond software and into the physical infrastructure of the global economy. From data centers and chips to space-based compute, autonomous trucks and humanoid robotics, the AI buildout is creating new questions about scarcity, supply chains and where value may accrue next.
In this episode of The Bid, host Oscar Pulido is joined by Tony Kim, Head of the Global Technology Team within BlackRock Fundamental Equities. Fresh from his 13th annual technology tour across San Francisco and Silicon Valley, Tony shares what he heard from leading innovators and how the AI conversation has evolved from model development to compute, infrastructure, physical AI and the changing shape of the technology stack.
Tony explains why AI investing may increasingly require looking across multiple layers of the ecosystem: the physical layer of power, chips, data centers and cloud infrastructure; the intelligence layer of foundation models; and the application and services layer where disruption remains a central question. The discussion also explores how AI is creating both scarcity and abundance, why data center demand is reshaping supply chains, and how countries and companies tied to the compute build-out may be positioned differently from more service-oriented parts of the market.
Check out our previous tech tour episodes with Tony Kim:
2025 - https://open.spotify.com/episode/6ffqOgM2CDbJGEoaWjgjIP?si=418fdf5f886c4f62
2024 - https://open.spotify.com/episode/3ruCZNZ7vHghypqwnQzslg?si=e62206f037df409b
Key moments in this episode:
00:00 Introduction
01:57 AI Wave Expands - How AI investing is expanding from model development into space, robotics and physical systems.
05:28 AI Goes To Space - How low Earth orbit satellites could create new forms of AI data and, potentially, new compute architectures.
07:51 Physical AI Adoption - Why autonomous vehicles, self-driving trucks and humanoid robots are part of the broader physical AI story
10:00 Rewiring The Internet
14:38 Where To Invest Now - How the shift in market value toward compute and model-centric companies is reshaping stock market trends.
18:55 Risks And Optimism
22:38 Wrap Up And What's Next on The Bid
AI investing, artificial intelligence, technology investing, capital markets, megaforces, data centers, robotics, stock market trends
Sources: BlackRock Fundamental Equities analysis of AI-related capex spending through 2030, as of July 2026; “How much does a GW of data center capacity actually cost” Investing.com, 2025; S&P Global Indices as at July 14th 2026
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