Summary
- BlackRock CEO Larry Fink dismissed the recently raised "artificial intelligence (AI) bubble" narrative, saying he believes there is no bubble in AI.
- Fink CEO said the hundreds of billions of dollars being invested in AI investment will drive global growth even if some major failures occur.
- Fink CEO said some investors have turned to diversification to reduce exposure to U.S. dollar assets, and that about 5% of assets have been reallocated.
Larry Fink, CEO of BlackRock, has dismissed recent market talk of an "artificial intelligence (AI) bubble."
In an interview with Bloomberg TV on the 22nd (local time), Fink said, "I see no uncertainty around AI at all," adding, "I believe there is no bubble in AI."
He also expressed optimism about AI investment. Fink said that the hundreds of billions of dollars being poured into building out AI technology would spur global growth even if some "big failures" prove inevitable.
He also touched on investors’ portfolio diversification. Fink said, "Some investors have moved to diversify because of an excessive weighting in U.S. dollar assets," adding that "about a 5% reallocation of assets has taken place." Bloomberg reported that "(Fink) is skeptical about additional (capital) flows given the strength of U.S. economic growth."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
