Helen Jewell

speaker

156 appearances 1 recordings 1 series first heard Jul 2026 last heard 28 Jul

Helen Jewell’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 — 1 in all, peaking in Jul 2026 with 1.

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

But we don't know exactly how that will play out.

So the market is basically putting everything in the same bucket.

If you think just a year ago, all tech was outperforming, whether it was software, semis, or hardware.

And yet the market this year has really differentiated between software.

Software and hardware, software being a loser and hardware being a winner.

I think it is far, far more nuanced than that.

And that is the thing that you really need to factor when you're thinking about portfolios and portfolio construction.

Well, you know me, Eloise, I always like to bring it back to the basics.

So return on capital matters.

Longevity of growth matters.

Cash flows matter.

And at the moment, when you're looking at the tech segment as a whole, not all of these numbers are particularly good.

Cash flows for the Mag 7 have dropped sharply given the scale of their CapEx spend.

The market doesn't seem to have decided yet whether this is a replay of the infrastructure spend for telcos back in the late 90s, early thousands, or whether this is more like the cloud spend that we saw a decade or so ago.

And that is in the balance when it comes to AI Capex.

Now, our economists expect the AI CapEx impulse to actually fade from 2027 onwards.

So, what I mean by that is that although the spend will continue to grow, the rate of that growth will actually start to fall.

And that means that the supernormal future growth won't necessarily come through in the way that we've seen in the last couple of years.

So that is the key question.

key unknown in the market but also Eloise the key opportunity in the market because the market is pricing all of these things equally when they simply won't be equaled.

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