Where the Value Moves
Key Takeaways
- Understanding the impact on the global labor workforce, where AI agents take on more tasks and agency, fundamentally changing the structure of the economy and GDP over the next 5-10 years
- The importance of understanding the shift in "moats" or competitive advantages, as software alone is no longer sufficient and the physical infrastructure and manufacturing capabilities are becoming more critical
- The potential breakthroughs in quantum computing, which could significantly expand the capabilities of AI systems by enabling simulations and explorations of the physical world that are not possible with classical computing
- To navigate this rapid change, it is important to develop a "deconstructionist" mindset, breaking down the key components and building frameworks to analyze the data and connections between them
In this episode of Citi Institute podcast, host Alex Miller is joined by Tony Kim, Global Technology Team Head, BlackRock and Alex Watkins, Global Head of Technology Capital Markets, Investment Banking, Citi. Together, they explore how AI and the ‘Intelligence Revolution’ are the single biggest drivers of growth, and how the shift in value is moving from the top layer of software and labor services to the underlying computing infrastructure and AI models.
Tony Kim discusses breakthrough novelty and original invention as capabilities AI currently struggles to replicate.
Alex Watkins emphasizes that in certain areas of tech, being the lowest cost marginal producer will be key to winning, not just innovation and market position.
Together, they reflect on exciting opportunities and potential breakthroughs in space, quantum computing, and agentification.
Citigroup (“Citi”) and BlackRock are not affiliated and are independent of each other. BlackRock maintains a client relationship with Citi through Citi Investment Banking. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.
Tony Kim. Head of Fundamental Equities’ Global Technology Team, Portfolio Manager, BlackRock
Tony Kim, Managing Director, is Head of the Global Technology Team within the Fundamental Equities division of BlackRock’s Portfolio Management Group. He is lead portfolio manager of the BlackRock Technology Opportunities Fund and related global strategies.
Mr. Kim joined BlackRock in 2013. His 30 years of experience in technology investments also includes key roles at Artisan Partners, Credit Suisse Asset Management, Neuberger Berman, Merrill Lynch and SG Warburg.
Mr. Kim is a member of the Advisory Board for Columbia Business School’s Digital Future Initiative, which brings together Columbia faculty members and leaders from across industries to help organizations, governments and communities optimize and accelerate the technological advances of the future.
Mr. Kim earned a BS degree in Industrial Engineering from the University of Illinois and an MBA from Columbia University.
Alex Watkins, Global Head of Technology Capital Markets, Investment Banking, Citi
Alex Watkins joined Citi in October 2025 as Global Head of TechnologyCapital Markets–leading Citi’s efforts across debt and equity.
Prior to Citi, Alex was the Co-Head, International Equity Capital Markets at J.P. Morgan, where he worked for the last 11 years. This group represented all of J.P. Morgan’s international ECM businesses –Europe, Middle East and Asia Pacific.
Prior to that Alex worked at Goldman Sachs. He has over 20 years of investment banking experience, having had leadership roles in both ECM and corporate finance.
Alex has worked on over 200+ capital market transactions. Since joining Citi, recent deals include the IPOs of Wealthfrontand Navan, primary / second follow on for Symbotic, convertible bonds for IREN, Checkpoint and Coreweave.
