AI Boom, Data Centers Could Lift 2026 Trade Says WTO | The Pulse 1/23

Watch on YouTube ↗  |  January 23, 2026 at 18:29  |  50:01  |  Bloomberg Markets
Speakers
Ngozi Okonjo-Iweala — Director-General, World Trade Organization
Enoch Godongwana — Minister of Finance, South Africa
Larry Fink — CEO, BlackRock
Samantha Cristoforetti — European Space Agency Astronaut
Elon Musk — CEO, Tesla / SpaceX / xAI
Francine Lacqua — Anchor, Bloomberg

Summary

The video covers the final day of Davos 2026, with geopolitics dominated by Trump, Greenland and Ukraine. WTO Director-General Ngozi Okonjo-Iweala says AI investment drove 42% of 2025 goods trade growth and could lift 2026 trade projections. BlackRock CEO Larry Fink argues there is no AI bubble and sees data centers as a major opportunity, while South Africa's finance minister is optimistic on reforms and growth. Later segments discuss commercial space, Starship cost reductions, and Europe's space ambitions.

  • Davos discussions focused on Trump's Greenland threats, Ukraine talks, and EU-US trade tensions.
  • WTO's Ngozi Okonjo-Iweala said AI-related goods drove 42% of 2025 merchandise trade growth and offered 2026 upside.
  • Larry Fink said AI is not a bubble and highlighted massive data-center and infrastructure capex needs.
  • South Africa's finance minister cited lower inflation, reforms, and an expected US trade deal as supportive for growth.
  • ESA astronaut Samantha Cristoforetti discussed commercial space stations and competition in low Earth orbit.
  • Elon Musk said Starship reusability could cut space access costs dramatically, benefiting satellites and space solar.
  • The program also covered EU defense unity, investor confidence, and the limits of Davos discussions amid geopolitics.
Ideas
Ngozi Okonjo-Iweala Director-General, World Trade Organization 20:20
AI goods trade drives global growth.
AI-related trade, especially equipment, hardware and software needed for data centers, drove 42% of 2025 global goods trade growth. The WTO's Information Technology Agreement keeps tariffs at zero on about $3 trillion of AI-related goods, and she expects AI goods trade to continue increasing in 2026, creating upside to the WTO's 0.5% merchandise trade growth projection.
AI-SECTOR HIGH
Enoch Godongwana Minister of Finance, South Africa 25:42
South Africa reforms support growth.
South Africa has improved macroeconomic stability, reduced inflation to 2.3%, and implemented reforms that are beginning to lift growth, with the economy tracking 1.8% or better. Credible and independent institutions support investor confidence, and he is confident a trade deal with the United States will be reached.
EZA MED
Larry Fink CEO, BlackRock 32:20
AI capex is great investment.
There is no AI bubble; hundreds of billions of dollars of capex are needed to build AI infrastructure, and that capex will drive global growth. While there will be big winners and losers, AI remains one of the great places to invest, with opportunities in data centers, grids, energy, science and medicine.
AI-SECTOR HIGH
Larry Fink CEO, BlackRock 33:54
Data centers offer huge opportunity.
BlackRock announced a $12.5 billion partnership with Microsoft and others, including MDX, Abu Dhabi and X.AI, to bankroll data centers, and has already made a data-center acquisition with a $40 billion total enterprise value. He sees nothing but opportunity in building out AI data-center infrastructure alongside hyperscalers.
DTCR MED
Samantha Cristoforetti European Space Agency Astronaut 38:48
Commercial space stations are emerging.
Low Earth orbit and the ISS are normalizing for commercial activity, with private actors entering to build businesses and make money. After the ISS ends this decade, commercial space stations optimized for business, science and development could emerge, and competition with the U.S. and China may mobilize resources quickly.
ARKX MED
Elon Musk CEO, Tesla / SpaceX / xAI 46:13
Cheap space access boosts satellites.
Full reusability of Starship is expected this year, which could cut the cost of access to space by a factor of 100 to below $100 per pound, cheaper than air freight. That makes putting large satellites into space very cheap and also improves the economics of space-based solar power, which is always sunny and can produce more effective power than ground solar.
Satellites MED
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This Bloomberg Markets video, published January 23, 2026, features Ngozi Okonjo-Iweala, Enoch Godongwana, Larry Fink, Samantha Cristoforetti, Elon Musk discussing AI-SECTOR, EZA, DTCR, ARKX, Satellites. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ngozi Okonjo-Iweala, Enoch Godongwana, Larry Fink, Samantha Cristoforetti, Elon Musk  · Tickers: AI-SECTOR, EZA, DTCR, ARKX, Satellites