In our latest episode of The Astute Investor, Scott Haslem, Chief Investment Officer at LGT Wealth Management, speaks with Ben Powell, Chief Investment Strategist for APAC at the BlackRock Investment Institute. Together they reflect on key lessons from 2025 and explore the major investment themes shaping 2026, from the AI-driven capital expenditure boom to shifting geopolitics and the growing importance of portfolio construction.
AI remains in Stage 1 of BlackRock’s framework, with a powerful capex boom in chips, data centres and energy infrastructure driving growth.
A focus of the conversation is the transformation of the geopolitical landscape. Ben describes the move from a US‑underwritten global order to a more fragmented, multipolar world, with the US now acting more as a disruptor than a guarantor. The episode also delves into BlackRock’s three‑stage framework for AI. Ben sees us still firmly in stage one – a massive Capex “super boom” into chips, data centres, power and related infrastructure – which is already a key driver of growth and market returns. Stage two (broad corporate adoption and productivity gains) and stage three (societal transformation) lie ahead.
