Franklin Templeton CEO on SpaceX, Anthropic, Circular Deals & the State of the Market

Is AI in a bubble? What happens to circular AI financing deals, and why is one of the world's largest asset managers investing in SpaceX and Anthropic?
I sat down with Jenny Johnson, CEO of Franklin Templeton ($1.8T AUM), at the firm's NYC headquarters to discuss today's market conditions, AI valuations, private markets, and the future of investing.
We cover:
AI Bubble & Circular Deals: AI infrastructure spending, revenue recognition, chip depreciation, and risks in long-term data center financing.
SpaceX & Anthropic: Franklin Templeton's late-stage venture investments, the SpaceX IPO, and Elon Musk's ambitions.
Market Conditions: Inflation, interest rates, geopolitical risks, and where Jenny sees opportunities.
Building a $1.8T Asset Manager: 17 acquisitions in six years, the $4.5B Legg Mason deal, and Franklin's expansion into private markets.
AI & Tokenization: 1,000+ AI agents, an 11% sales uplift, and why blockchain could transform financial infrastructure.
Jenny also shares how she went from Franklin Templeton's mailroom to CEO, and why she believes Elon Musk is the modern-day Benjamin Franklin.
Jenny Johnson: https://www.linkedin.com/in/jennyjohnsonfranklintempleton
Molly O’Shea: https://x.com/MollySOShea
Sourcery: ⁠https://x.com/sourceryy
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𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Jenny Johnson, CEO at Franklin Templeton
(01:08) Where is the market really headed?
(05:34) Why AI is the biggest growth lever
(08:10) Are we in an AI bubble?
(11:28) How Franklin Templeton got into SpaceX and Anthropic
(18:28) Closing a $4.5B deal in the middle of COVID
(21:39) The strategy behind 17 acquisitions in 6 years
(24:11) How Canvas grew from $2.5B to $30B
(28:43) Why blockchain will rebuild finance
(32:50) Will companies stop paying for top AI models?
(37:08) Franklin Templeton’s 70-year climb
(40:21) Who is the modern day Ben Franklin?