Fink emphasized his support of data center facilities as a key piece in the AI buildout that will strengthen the labor market. “Data centers are not the problem. They’re creating more new jobs than ever before,” he said.
Fink’s comments put him alongside other Wall Street executives who tout AI’s economic benefits, even as public backlash against the nascent technology grows. On Oct. 7, JPMorgan Chase CEO Jamie Dimon reiterated his support for AI while counseling AI executives to build data centers “where they’re wanted.”
Public opposition to data center construction in the U.S. has only grown in recent months, with voters blaming them for spiking utility bills and damaging effects on the environment. According to a Pew Research Center poll published on Sept. 22, 50% of Americans said data centers are “mostly bad” for home energy costs.
Fink on AI and the U.S. economy
Fink hasn’t softened his robust support of AI development, despite concerns from the public. In early May, the Blackrock CEO dismissed fears of an AI bubble by arguing there was more room for AI-related spending without the U.S. economy being at risk.
“I don’t believe we’re moving fast enough,” he said on a panel at the Milken Institute Global Conference. “There is not an AI bubble. There is the opposite. We have supply shortages. Demand is growing much faster than anyone has ever anticipated — and this is just a U.S. phenomenon.”
Fink, though, does believe one of the biggest problems the U.S. must confront is its swelling national debt. It crossed a dreaded $40 trillion milestone in August, unnerving many Wall Street investors since federal policymakers haven’t kicked off serious discussions about shrinking the debt even as interest rates climb.
“We grew $32 trillion in 26 years. So let’s talk about that as a massive impact on the demand for credit,” he told CNBC. “Our government is demanding more and more credit. The bond auctions are getting larger and larger and larger. Now, at the same time…we need to unlock private capital to grow the U.S. economy by 3%.”
Fink has also argued that unleashing an AI development blitz would ensure a level playing field with broad economic gains, rather than limiting its benefits towards a small cluster of AI giants.
