The heads of the world's largest asset manager, BlackRock, and the world's top alternative asset manager forecast that $10 trillion (approximately 14,500 trillion won) will be invested in artificial intelligence (AI) infrastructure alone over the next decade. They actively pushed back against bubble concerns recently raised in parts of Wall Street, arguing that while AI-related demand is surging, supply of electricity, semiconductors, and computing power is woefully insufficient.
Brookfield CEO Bruce Flatt and BlackRock CEO Larry Fink presented a rosy outlook on AI investment during a dialogue moderated by Milken Institute Chairman Michael Milken at the Milken Global Conference 2026 held in Beverly Hills, Los Angeles, California, on the 5th (local time). Flatt said, "Just as we built highways, utilities, and railway networks in the past, we will embark on rewiring the global economy over the next decade," adding, "A total of $10 trillion will be invested in building AI-related power grids, factories, data centers, and fiber optics." Flatt noted, "There may be bubbles in certain areas, but rewiring the world requires an enormous amount of capital. This is a massive investment that will take 10 to 20 years, not one or two."
Fink also argued, "The U.S. has little electricity, computing, and chips, which could lead to supply shortages," adding, "Cybersecurity alone represents a tremendous opportunity that requires massive capital inflows." He explained, "Someday a new asset class called computing futures will emerge," saying, "This is to hedge against surging computing costs, similar to how agricultural or energy companies apply it to specific crops or fuels."
Flatt and Fink placed greater emphasis on AI investment's role rather than crisis concerns, particularly regarding private credit, where insolvency worries have recently been raised. Flatt declared, "Of the $1.2 trillion in assets we hold in the private credit market, 50% were not even investable assets 15 years ago. That share will grow to 75% in 10 years, and the newly inflowed capital will flow into fiber optic backbone networks, cloud infrastructure, and AI infrastructure." Fink stressed, "More than 50% of our assets, $14 trillion, is retirement money." Fink's remarks are interpreted as referring to a proposed rule announced by the U.S. Department of Labor on March 30 that would allow retirement plan operators to invest in private credit funds.
