U.S. stocks have continued to show their exceptionalism. We've had record highs yesterday amid global turmoil. What do you make of that? Well, actually, the tech sector in the United States is one of the most geopolitically exposed sectors out there.

About 60% of the revenue of tech comes from overseas. So one of the ways that we've been looking at geopolitical fragmentation is: can you really tilt your exposures within the tech sector to companies that buy in the United States, build in the U.S., sell in the United States, really to

try to isolate some of that geopolitical risk that I think is very present in the tech sector in particular. Why would that end up leading you? Which companies? I mean, first and foremost, you might think, well, those that are benefiting from the chips that you've been building

here in the United States. But then Intel hasn't exactly been having the best of times. Well, it's coming from a range of companies just kind of across different industries within technology. I mean, I think if we look at artificial intelligence, we see that a lot of the

leadership is with U.S.-based companies. For example, you could look specifically at data centers and power companies as being really important parts of the ecosystem, but are very localized to the United States. So you're getting some of that isolation from geopolitics.

We even brought out an entire fund based off of this strategy.  It's really looking at the tech sector but tilting towards those U.S., very domestically focused companies to isolate geopolitical risk. That's really interesting. The infrastructure buildout is one that

Many have turned to other things than just thinking, 'Okay, I'm in video chips and shovels.' We then think about the next layer down: energy companies. How many people are asking you, 'Well, what about application layers? What about the next frontier of AI?' That's really where a lot of the

conversations are going.
I think, you know, if we look at the last two years, it's been a huge focus on the Magnificent Seven, and it's been a really concentrated rally within artificial intelligence. We think, as we enter the third year of what we're really calling the build

phase of artificial intelligence, this is when the markets are going to recognize that this is something much bigger, that's going to impact a wider range of technology stocks, a wider range of semiconductor stocks, and the power stocks.
It could even impact cybersecurity

stocks as data gets more valuable and needs to be protected. And you can even look at adjacent industries like financial services and healthcare, where AI can really create more productivity and efficiency. So I think we're going to see a transition in 2025 to really a

broadening of that artificial intelligence story. How much of the story started to pick up back in crypto for you as well, Jake? Well, it's significant. You know, of course, Bitcoin passing $100,000 is a significant milestone. But really, you have to take a step back

and look at the broader picture of why this is happening. I think there's certainly some anticipation of more friendly regulatory tailwinds. But also, in your previous segment, you were just highlighting some of the geopolitical risks around the world,

Europe, in Asia, and in a lot of ways, professional managers, who are really just starting to access digital assets for the first time with our launch of our Bitcoin ETP, are thinking about it as a hedge in their portfolio.

This thing behaves very differently from stocks and bonds, and if you see more geopolitical risk, Bitcoin could really benefit. What's interesting about your role is not only are you thinking about strategy for leadership clients, but you're also thinking about the international ETF offering as well.

And I'm just interested in whether anyone is investing outside of the US.  They are, but in more targeted ways where we've seen some really significant flows in the past year, specifically looking at India as a play on changing supply chains, particularly if

you look at a lot of the reshoring that's happening in the United States. There's been an effort to build more domestically, but also to diversify supply chains geographically. India has been a major beneficiary, just like

we have a chip sector in the United States. They've been focused on building out more chip capacity, as well as building out more tech manufacturing. So India has been a big beneficiary. Mexico as well,

as you look at near-shoring and the interplay of growing trade relations between the U.S. and Mexico.

AI Impact to Be Larger Than Thought: BlackRock's Jacobs

Welcome to the Bloomberg Technology YouTube channel. Subscribe for original series and mini-docs on game-changing technologies, profiles on innovators, live conversations with experts, and breaking technology news & analysis from Bloomberg TV.

Bloomberg Technology

미국 기술 부문의 지정학적 노출과 투자 전략

미국 주식, 특히 기술주들은 글로벌 혼란에도 불구하고 뛰어난 성과를 보이고 있습니다.

기술 매출의 상당 부분이 해외에서 발생하기 때문에 지정학적 리스크가 발생합니다.

투자 전략은 지정학적 리스크를 완화하기 위해 미국에 기반을 둔 기술 기업에 집중합니다.

AI, 데이터 센터, 전력 회사가 지정학적으로 덜 노출된 지역화된 부문의 예로 강조되고 있습니다.

이 전략에 따라 미국 내 기술 기업에 집중하는 펀드가 만들어졌습니다.

매그니피센트 7을 넘어서는 AI의 다음 영역과 그 영향력에 대한 논의가 시작됩니다.

AI의 구축 단계에서는 다양한 기술 분야에 걸쳐 그 영향력이 확대될 것으로 예상됩니다.

반도체, 전력, 사이버 보안, 금융 서비스, 의료 분야에 대한 AI의 잠재적 영향력.

2025년에는 더 다양한 주식에 영향을 미치는 광범위한 AI 스토리가 나올 것으로 예상됩니다.

지정학적 헤지로서의 비트코인

비트코인의 상승과 그 중요성에 대한 논의가 이어집니다.

비트코인의 성장 요인으로는 예상되는 규제 변화와 지정학적 리스크가 있습니다.

비트코인은 지정학적 불확실성에 대한 포트폴리오 헤지 수단으로 간주됩니다.

특히 인도와 멕시코에 대한 해외 투자에 대해 논의합니다.

인도는 리쇼어링과 공급망 다각화의 이점을 누리고 있습니다.

인도는 칩 생산 능력과 기술 제조에 집중하고 있습니다.

멕시코는 근거리 무역과 성장하는 미국-멕시코 무역 관계의 혜택을 누리고 있습니다.

AI Impact to Be Larger Than Thought: BlackRock's Jacobs

AI Impact to Be Larger Than Thought: BlackRock's Jacobs

스크립트