Eloise Goulder

speaker

129 appearances 3 recordings 1 series first heard May 2026 last heard 28 Jul

Eloise Goulder’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Jul 2026 with 2.

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Making Sense · Momentum vs. fundamentals in the AI trade: Insights from BlackRock · 28 Jul 2026 podcast

Hi, and welcome to JP Morgan's Making Sense.

I'm Eloise Goulder, and today I'm delighted to be joined by Helen Jewell, International CIO of Fundamental Equities at BlackRock, to discuss the impact of AI on markets.

So, Helen, welcome and thanks for being here.

Great to be here.

Thanks for having me, Eloise.

So, your business is in fundamental equities, in bottom up fundamental stock picking, with a long term focus.

What does it mean to be long term?

You mentioned the short-term there, and so many market participants are short-term orientated.

So Helen, what are the benefits of being active and long-term in your view?

I love that analogy.

We've never heard that before.

And indeed, this idea that if you're throwing off significant growth and significant returns on your capital base, then indeed you can reinvest that and you can reinvent yourself and you can pivot the business to wherever the future opportunities lie.

So coming back to AI, we've obviously seen a phenomenal run in AI-related segments, most notably, as you just said, across memory names, across semiconductors.

And across AI infrastructure this year.

These sectors are high growth in terms of revenue growth and earnings growth, driven by the scale of AI Capex.

But Helen, what's your view on the quality of this growth and the extent to which this is high return on capital type growth?

I'd love to dig into this point, Helen, because as you say, the perceived winners in the AI space have been semis, hardware, memory.

They're the segments that have outperformed so disproportionately year to date.

How would you begin to differentiate within them?

So to the extent that you can identify stocks in these segments that have really outperformed, but where the return on capital is actually not that impressive or

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