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Curious about the ever-changing world and how it impacts investing? So are we. If you’re seeking the less obvious, The Active Share podcast is for you. Hear thought-provoking conversations with thought leaders, company executives, and William Blair Investment Management’s own analysts and portfolio managers as they share unique perspectives on investing in a world that’s always evolving.
Disclosure: This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security or to adopt any investment strategy. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. The views and opinions expressed are those of the speakers as of the date of this recording, are subject to change without notice as economic and market conditions dictate, and may not reflect the views and opinions of other investment teams within William Blair Investment Management. Factual information has been obtained from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Any discussion of particular topics is not meant to be comprehensive and may be subject to change. This material may include forecasts, estimates, outlooks, projections and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented. Past performance is not indicative of future results. Investing involves risks, including the possible loss of principal. Any investment or strategy mentioned herein may not be suitable for every investor. References to specific companies are for illustrative purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. William Blair Investment Management may or may not own any securities of the companies referenced. It should not be assumed that any investment in the companies referenced was or will be profitable. Copyright © 2026 William Blair. "William Blair" refers to William Blair Investment Management, LLC. William Blair is a registered trademark of William Blair & Company, L.L.C.
Disclosure: This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security or to adopt any investment strategy. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. The views and opinions expressed are those of the speakers as of the date of this recording, are subject to change without notice as economic and market conditions dictate, and may not reflect the views and opinions of other investment teams within William Blair Investment Management. Factual information has been obtained from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Any discussion of particular topics is not meant to be comprehensive and may be subject to change. This material may include forecasts, estimates, outlooks, projections and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented. Past performance is not indicative of future results. Investing involves risks, including the possible loss of principal. Any investment or strategy mentioned herein may not be suitable for every investor. References to specific companies are for illustrative purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. William Blair Investment Management may or may not own any securities of the companies referenced. It should not be assumed that any investment in the companies referenced was or will be profitable. Copyright © 2026 William Blair. "William Blair" refers to William Blair Investment Management, LLC. William Blair is a registered trademark of William Blair & Company, L.L.C.
66 Episodes
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Everyone can see the demand side of the AI boom. The harder question is what's actually constraining supply. In this episode of The Active Share, Hugo is joined by Siuchoon Koay, a research analyst covering large-cap global semiconductors at William Blair, for a technical walk through the AI hardware stack — from GPUs and high-bandwidth memory to substrates and rack-level power. Siuchoon traces how the industry's bottlenecks have migrated over the past two years, weighs Nvidia's and TSMC's strategic choices around capacity and vertical integration, and assesses the risk that Chinese open-source models pose to Western margins. The real question isn't whether AI demand is real, it's who ends up paying for it.
How can organizations build the cultural agility required to remain competitive? In this episode of SuiteTalk, Hugo is joined by Mariam Ahmed, co-founder and CTO of Menza, to explore how organizations can navigate fragmented data landscapes and harness AI for genuine decision-making advantage. Mariam brings a distinctive vantage point, having launched an AI platform after spending time as a founding engineer at a commercial large language model company and beginning her career in equity derivatives at Goldman Sachs. Hugo and Mariam also touch on not just the technical challenge of data fragmentation, but the organizational and strategic imperatives underlying it.
Five years after his last appearance, Jay Kannan, CFA, a research analyst on William Blair’s global equity team, returns to The Active Share to explore how technology has fundamentally transformed from software and services to infrastructure and hardware. Where Hugo and Jay’s 2021 conversation centered on e-commerce and cloud adoption, their discussion this time around focuses on the physical constraints powering AI—from semiconductor bottlenecks and substrate shortages to power grids and the cascading supply chain effects. Together, Hugo and Jay examine why demand for compute far exceeds supply, where value is captured across the stack, and what's breaking under the weight of explosive token growth.
Emerging markets debt (EMD) has evolved from a niche corner of global fixed income into a broad, increasingly resilient asset class. In this episode of The Active Share, Hugo is joined by Marcelo Assalin, CFA, partner, portfolio manager, and head of William Blair’s EMD team, to reflect on how the asset class—and his own investment approach—have matured over the years. Together, Hugo and Marcelo discuss the expanding opportunity set in frontier markets, common misconceptions around risk and EMD, and why today’s macro backdrop may be more supportive than many investors assume.
Africa’s growth story has long been misunderstood. On this episode of The Active Share, Hugo is joined by Joe Studwell, author of "How Asia Works" and "How Africa Works," to unpack the forces shaping Africa’s economic trajectory. Studwell challenges common misconceptions about the continent’s development, arguing that agricultural productivity, population density, and education are the foundations of sustained growth. He and Hugo also discuss the complex role of China’s investment; lessons from Botswana, Mauritius, and Rwanda; and why urbanization and demographic growth could reshape Africa’s economic future.
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