AI-driven investment, rising leverage and shifting market structures are reshaping the 2026 market outlook. As companies scale up spending on data centers, chips and digital infrastructure, micro-level decisions are beginning to shape the macro picture in ways investors haven’t seen before. In this episode of The Bid, host Oscar Pulido speaks with Jean Boivin, Head of the BlackRock Investment Institute, about the three big themes shaping BII’s 2026 outlook: the unprecedented pace of AI-related capital expenditure, the rise in government and corporate borrowing, and why diversification is becoming harder in a world driven by powerful megaforces. Jean explains how AI has emerged as the dominant driver of investment and growth, why companies may need to “leverage up” to finance the build-out, and how this interacts with already-stretched sovereign balance sheets. He also unpacks the “diversification mirage” — the idea that in a market led by a few forces, some strategies that appear div...