Two of the most influential CIOs in global asset management Rick Rieder (BlackRock) and Ulrike Hoffmann-Burchardi (UBS) deliver a masterclass on navigating AI disruption, emerging markets, and the most volatile stock-picking environment in years.
With $600 billion in hyperscaler capex (2% of US GDP), Rieder selling equities after Netflix and Disney got hit by AI fears, and UBS downgrading technology for the first time in three years, this conversation cuts through the noise to reveal where the world’s largest allocators are actually putting money.
From “bits to atoms,” emerging markets as a “home run,” and healthcare as a “free call option on AI”—this is essential viewing for anyone trying to understand what’s really happening in markets.
Timestamps:
0:00 Introduction
8:49 $600B hyperscaler capex — more than 15 years of cloud build-out
10:33 UBS downgrade: “Pivot from bits to atoms”
16:26 Rick: “I sold equities the day Netflix and Disney got whacked”
20:14 “The middle game of AI” — where most peace losses occur
23:03 S&P flat but 80% of stocks moved 5%+
29:00 Healthcare as a “free call option on AI”
32:13 “All this capex is based on ONE paper from 2017”
33:48 Rick’s contrarian call: 5.5% GDP growth
Key topics:
- Why the S&P is flat but 80% of stocks moved 5%+ (dispersion is back)
- $600B hyperscaler capex: more than 15 years of cloud build-out combined
- “The middle game of AI” — where most of the peace losses occur
- UBS downgrading tech: “pivot from bits to atoms”
- Rick’s contrarian call: 5.5% US GDP growth, rates coming down
- Healthcare as a “free call option on AI”
- Why all AI capex is based on one 2017 paper: “Attention Is All You Need”
Speakers:
- Rick Rieder, CIO Global Fixed Income & Head of Global Allocation, BlackRock
- Ulrike Hoffmann-Burchardi, CIO Americas & Global Head of Equities, UBS Global Wealth Management
- Noah Theran, EVP & MD, Head of Global External Affairs, MFA (Moderator)
Recorded at Global Alts Miami 2026 | Presented by iConnections
