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 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

So as active investors that provides us with a real opportunity.

Exactly.

And everything you said there was unknown and uncertain at the moment.

It's really, really difficult to know exactly how the return on investment from AI is going to play out.

And until we have more granularity on that, and we will get more granularity, the market is basically going to do what it's done at the moment, which is lump everything together.

And that is when it becomes exposed to the momentum trade and the quality growth names that rely on some kind of certainty on how that earnings will play out has underperformed.

So we just need that certainty, that granularity to start to come through.

There's two areas that we're always looking at.

One is where there are real bottlenecks in the market, and and the memory companies is where we're really seeing that.

I was fortunate enough to be out in Korea a few months ago and visiting some of the big memory names.

And when we asked the CEOs how long is your current order book for memory, they said three years.

So even if we had placed an order that very day, we would not get anything through for three years.

So that is an obvious bottleneck.

And that then gives you a real certainty on what that earnings will look like.

On the other side of things, we're looking at areas

Where you're seeing more commoditization.

So, for example, around the large language models, the LLMs.

If these are starting to be commoditized, if what we're seeing is the consumers of the LLMs, the users of the LLMs trying to diversify between the models that they use, that obviously is a bad thing, a negative for the LLM providers.

So they're not really data points per se, but they are more case.

Studies of where you are seeing the real focus on scarcity versus the opposite, where you're seeing much more of a commoditization of what previously perhaps had been more scarce.

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