Ideas
AI boom remains core conviction.
Powell says BlackRock's core conviction remains the ongoing AI boom; geopolitics is important but not obviously negative for chip demand. AI is rippling beyond the Magnificent 7 into markets and assets such as Korea, memory, and copper, so investors should be specific and diversified within AI rather than just owning mega-cap tech.
Korea benefits from AI memory shortage.
Korea is a key AI-ripple market: it was the world's strongest performing market last year and is tied to the memory shortage associated with the AI super boom, showing AI opportunities beyond the Magnificent 7.
AI electricity demand supports copper.
Copper is a direct AI beneficiary because AI's likely electricity demand creates a straight-line need for copper, and copper prices have been doing very well.
Gold likely continues on geopolitical hedge demand.
Gold continues to perform its traditional role in geopolitical uncertainty, helped by concerns about the end of U.S. exceptionalism. Those pressures likely continue, though Powell warns against being overly concentrated in gold and favors diversification.
Underweight long-dated Treasuries as yields rise.
Powell is underweight long-dated U.S. Treasuries because U.S. Treasury yields are likely to rise over time, creating a headwind for long-duration bonds; the traditional 60-40 portfolio is not fit for purpose in this more fractured world.
UAE diversification supports attractive opportunity.
The UAE economy minister says the country is responding to fragmentation and protectionism with diversification and dialogue. Non-oil sectors are around three quarters of GDP, growth of 4%-5% is expected this year, FDI inflows are strong, and tourism occupancy is 78%, making the UAE an attractive investor opportunity.
Mubadala stays convicted on AI.
Al Mubarak says Mubadala has strong conviction in AI despite concerns about hype and exuberance. It sees clear investable spaces within technology, especially AI enablement, and will continue investing as growth remains high.
Digital infrastructure remains core Mubadala area.
Digital infrastructure remains a core investment area for Mubadala and the fund continues to be convinced on it.
Mubadala favors healthcare, consumer, financials.
Mubadala remains convinced on healthcare, consumer, and financial services after these areas performed extremely well over the last couple of years.
UAE well positioned for growth.
The UAE is an important part of Mubadala's portfolio, with returns above 20% last year across real estate, infrastructure, industrials, technology, and healthcare. Al Mubarak says the UAE is well positioned for growth and Mubadala is well placed to take advantage as a significant investor.
U.S. remains largest Mubadala market.
The U.S. remains Mubadala's largest market and a major destination for investment, especially in technology. Al Mubarak says 2026 will be business as usual and the fund will continue to invest there.
Mubadala likes Asia after underinvestment.
Al Mubarak says he really likes Asia. Mubadala was underinvested there over the last decade but has built operations and knowledge, particularly in China and Southeast Asia, and did well in Korea, Japan, and China in 2025.
European investors may cut U.S. exposure.
Ziemba says Europe is unlikely to weaponize its U.S. asset holdings, but the bigger risk is that large European pension and sovereign investors reduce unhedged U.S. equity and Treasury exposure as the U.S. becomes a less reliable partner amid tariff and tax uncertainty. Some European FDI projects in the U.S. may also be on hold.
Oil supply factors worth watching.
On oil, Ziemba is watching Iran, new supply from Venezuela, and Kazakh losses caused by Ukrainian drone attacks. She does not give a clear direction, but views these supply factors as the key oil-market setup to monitor; Syria itself is too small to move oil markets.
Zambia yuan tax move erodes dollar use.
Zambia's decision to let Chinese mining companies pay taxes in yuan is part of Beijing's push to internationalize the yuan and reduce dollar reliance. Chinese miners can sell copper to China, receive yuan, pay Zambian taxes in yuan, and Zambia can service its China debt in yuan, cutting out the dollar middleman and reducing transaction costs. Matthew cites similar African moves including Kenya debt swaps, Ethiopia talks, Afreximbank's Panda bond, and Zambia currency-swap discussions.
This Bloomberg Markets video, published January 20, 2026,
features Ben Powell, Abdulla Bin Touq Al Marri, Khaldoon Al Mubarak, Rachel Ziemba, Matthew
discussing Artificial Intelligence, EWY, COPPER, GLD, TLT, UAE, Digital infrastructure, XLF, XLV, XLP, U.S., AAXJ, SPY, WTI, CNY, UUP.
15 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Ben Powell,
Abdulla Bin Touq Al Marri,
Khaldoon Al Mubarak,
Rachel Ziemba,
Matthew
· Tickers:
Artificial Intelligence,
EWY,
COPPER,
GLD,
TLT,
UAE,
Digital infrastructure,
XLF,
XLV,
XLP,
U.S.,
AAXJ,
SPY,
WTI,
CNY,
UUP
