Steph McGovern

Jay Jacobs is with us, BlackRock head of U.S.

equity ETFs.

You've had some phenomenal success with certain of the ETFs you've offered this year alone in terms of actively managed AI bets.

NVIDIA are key holding.

How much of an impact will it make on general sentiment, do you think?

In the last couple of weeks, we have seen more anxiety, though, and you've seen downward pressure on some of the biggest AI winners, Jay.

Has that changed any of the types of conversations you're having?

What, therefore, are some of the conversations you're having in terms of nuance?

Because the nuance is constantly changing.

Initially, it was all about return on AI.

Then it was about whether or not enterprises are really using them effectively, whether the pilots are working.

What are the types of conversations that you're having about to the upside and the downside when it comes to your actively managed AI trade?

So when you're looking at BAI, I think it's about $7 billion in assets under management there.

Where are they managing to play out the entirety of the AI trade?

Because as you say, much of the value has been gained in AI infrastructure bets, but that's broadening out now.

When, though, you do hear headline risk, SoftBank selling its entire stake in Nvidia, Peter Thiel, macro funds selling its entire stake in Nvidia, do you suddenly get a load more calls?

Do you suddenly get a little bit more of a questioning of the circularity of deals that we've had of late?

Okay, so maybe a buying opportunity.

What about some of the sell-off that you've seen in crypto?

Of course, significant flows have come into your ETF when it comes to the Bitcoin exposure, but that's come back of late, it must be said.