- Fink said a moratorium on data center construction in the US would trigger a recession, calling the AI infrastructure buildout a core driver of the economy.
- Local opposition to data centers over utility costs, water use, environmental damage and investment transparency has emerged as a key issue in the Nov. 3 midterm elections.
- Fink said most of the opposition is based on misinformation and that data centers are creating more new jobs than ever before.
- Wall Street analysts estimate total AI capital expenditures could climb above $1 trillion in 2027 and exceed $5 trillion by 2030.
- BlackRock reported better-than-expected third-quarter earnings and advanced about 1% in late morning trading on the day of Fink's remarks.
Quotes
“If we have a moratorium of some sort in this country, we will be in a recession”
“So much of our economy is based on the buildout of this capex”
“Data centers are not the problem. They're creating more new jobs than ever before”