Thematic investing is increasingly shaping how investors interpret markets heading into 2026, as artificial intelligence, geopolitical fragmentation, and infrastructure constraints intersect across the global economy. Jay Jacobs, Head of U.S. Equity ETFs at BlackRock, joins Oscar to discuss why mega forces are becoming harder to ignore—and harder to diversify away from—than in past market cycles. Their conversation explores how AI investing is evolving from a growth narrative into one focused on usage intensity, how national security considerations are reshaping the definition of defense, and why physical infrastructure is emerging as a critical market constraint. Key insights include: ·      Why thematic investing is gaining relevance alongside sector and style frameworks ·      How AI usage intensity reframes the AI investment conversation ·      Where infrastructure and energy constraints may influence adoption timelines ·      How geopolitical fragmentation is expanding...