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Michael Gates, lead portfolio manager for target-allocation models at BlackRock, discusses the current macroeconomic and market environment.
BlackRock expects a sustained period of productivity-led growth, increasingly powered by AI adoption.
KEY POINTS
- Actively managed AI-specific equity exposure significantly outperformed both broad tech indices and US equity benchmarks.
- AI integration is driving higher revenue per employee in S&P 500 firms, reducing labor intensity per unit of output.
- Stock performance increasingly diverges between firms effectively adopting AI and those lagging in AI implementation.
- AI-driven productivity gains may offset reduced job creation per unit GDP if economic growth remains strong.
COMPANIES
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