The world's largest asset manager believes the AI trade still has another decade of upside ahead. I sat down with BlackRock's @JayJacobsCFA to discuss how to invest in the next leg of AI bull market, the physical bottlenecks to bet on, comparing data center spending to the dot-com overbuild, and the sectors that investors are ignoring right now. Jay is the US head of equity ETFs at BlackRock — which manages $14 trillion in assets — and he has a unique vantage point on thematic investing and building financial products. The ideas in this conversation will surprise you. TIMESTAMPS: 0:00 - Tech valuations declining 2:00 - 3 layers of AI 5:26 - Runway for the physical layer 7:46 - Another dot-com overbuild? 9:17 - Power constraint 11:15 - Indium, an AI choke point 14:52 -Risks in AI portfolios 16:05 - Why thematic funds beat sectors 19:25 - Defense stocks 22:10 - Healthcare 25:17 - Commodities 26:25 - Robotics 27:19 - $BTC at @BlackRock 30:58 - Highest-conviction themes 32:57 - Why not financials? 33:53 - Follow Jay