BlackRock bets on compute as AI reshapes markets

Larry Fink, Chairman and CEO of BlackRock, used the Milken Institute Global Conference stage on Tuesday to dispel concerns about an AI bubble. He maintained that a new tradable asset class, computing power futures, will emerge due to growing demand for computing capacity. 

Fink said that there is no AI bubble and emphasized that the true problem is a lack of processing power. He clarified that the sector is under structural pressure, as demand for processors, memory, and data center capacity is growing faster than supply can keep pace

Fink says computing power is an economic asset

Computing power is increasingly being viewed as a fundamental economic input, much like electricity or gasoline.

Speaking at the Milken Institute Global Conference, Larry Fink made the case that the size of AI workloads requires continuous computing capacity, making it both limited and quantifiable. As a result of this change, computer infrastructure is becoming a fundamental resource that supports global competitiveness, productivity, and innovation. 

Building on that idea, Fink proposed that the development of futures markets may turn computing power into a financial product. Under such a system, suppliers could guarantee steady revenue streams by selling capacity in advance, while businesses could lock in future costs for computing capacity. 

Fink pointed out structural constraints across the AI ecosystem, as demand for data centers is growing faster than supply can keep up. He highlighted the need for risk-management solutions, such as futures contracts, that guarantee availability and stabilize costs for businesses expanding their AI operations.  

Bruce Flatt, CEO of Brookfield Corp., presented a similar scenario during the same panel discussion. He predicted that, over the next 10 years, data centers, cloud computing, and AI will transform the world economy. “Over the next 10 years, we’re going to rewire the global economy,” Flatt stated. 

BlackRock is driving AI and energy integration

BlackRock, along with Microsoft and MGX, has enlisted big tech companies like NVIDIA and xAI to bolster its platform. Its initial funding objective is $30 billion, which could grow to $100 billion with debt financing. As a result, BlackRock is positioned as a crucial coordinator of the energy and computing infrastructure needed to support AI.

BlackRock is converting that approach into significant acquisitions and energy alignment through its infrastructure division, Global Infrastructure Partners. In addition to supporting a $10.7 billion contract for AES Corporation to secure power supply for AI activities, a consortium led by the company has already made progress on a ~$40 billion acquisition of Aligned Data Centers.

Artificial Intelligence is not just an industry of the future; it underpins the future. As we welcome new partners to the AI Infrastructure Partnership, we will accelerate innovation and technological breakthroughs to achieve transformational productivity gains across the global economy.”

–Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of MGX.

The firm also revealed that the partnership is expanding into energy systems required to sustain AI at scale, bringing in collaborators like GE Vernova and NextEra Energy to accelerate power generation and grid capacity.

Jensen Huang, founder and CEO of NVIDIA, said that the global expansion of AI infrastructure is expected to help economies and industries by facilitating growth.

He added that NVIDIA’s full-stack, infrastructure-powered AI factories will turn data into actionable intelligence, accelerating advancement across industries. Such developments could lead to discoveries with major social impact. 

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