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BlackRock CEO Larry Fink says there is no AI bubble; cites supply shortages at Milken conference
Larry Fink argued at the Milken Institute Global Conference that the AI industry faces supply shortages rather than a bubble, with demand outpacing compute capacity. He hinted at a potential new asset class for futures of compute and highlighted BlackRock's AI infrastructure investments and partnerships. The article also outlines related AI funding activity and market perspectives from other leaders.
Why It Matters
If compute resources become a tradable asset, it could reshape capital markets and investment strategies for AI, signaling a broad shift in how AI infrastructure is funded and scaled.
Timeline
11 Events
Reader poll on AI bubble
May 11, 2026
A reader poll accompanying the article asked whether there is currently an AI bubble in the market, with options indicating either that a bubble exists or that the market faces a supply shortage.
OpenAI and Anthropic revenue figures cited
May 11, 2026
OpenAI reported about $25 billion in annualised revenue, while Anthropic's annualised revenue run rate was cited as exceeding $30 billion.
Hyperscalers projected to spend over $650B on AI in 2026
May 11, 2026
Four major hyperscalers—Alphabet, Amazon, Meta, and Microsoft—are expected to collectively spend more than $650 billion on AI in 2026.
Bruce Flatt discusses AI-driven economic rewiring
May 11, 2026
Brookfield Corporation CEO Bruce Flatt spoke on the same panel, noting a structural shift driven by AI and cloud technologies as the global economy is rewired over the next decade.
consortium to buy AES Corp alongside EQT
May 11, 2026
The group announced teaming with private equity firm EQT to acquire power provider AES Corp for $10.7 billion in cash.
Aligned Data Centers acquisition planned by a Global Infrastructure Partners-led consortium
May 11, 2026
A Global Infrastructure Partners-led consortium unveiled plans to buy Aligned Data Centers for about $40 billion.
BlackRock works with Microsoft, Nvidia, and MGX to deploy AI-capable capital
May 11, 2026
BlackRock is working alongside Microsoft, Nvidia, and MGX (an UAE-based investment vehicle) to deploy capital into data centres and energy-related assets to support AI workloads.
Hyperscaler identity not disclosed
May 11, 2026
The identity of the hyperscaler with which BlackRock plans to collaborate was not disclosed at the Milken conference.
BlackRock to collaborate with a hyperscaler to scale AI infrastructure
May 11, 2026
Fink announced BlackRock's plans to collaborate with a hyperscaler to scale its AI infrastructure, including developing data centres and investing in energy.
Fink predicts a new asset class of compute futures
May 11, 2026
Fink predicted that global demand for computing power could lead to the creation of a new asset class that buys futures of compute, implying computing resources could become a tradable commodity.
Fink says there is no AI bubble; cites supply shortages as demand grows
May 11, 2026
Fink stated there is not an AI bubble and emphasized supply shortages in computing capacity, chips, and memory as demand for AI infrastructure grows faster than anticipated.