BlackRock's Larry Fink Says AI Is Creating a New Trillion Dollar Asset Class -- And Trump's Policies May Accelerate It

"AI is already creating shortages across four critical markets - compute power, chips, memory, and electricity - as companies race to build ever-larger AI systems. Those shortages are also driving a wave of U.S. infrastructure spending tied to semiconductor manufacturing, power generation, and domestic data-center construction. Whenever shortages emerge in essential economic resources, Wall Street usually finds a way to financialize them. Oil, natural gas, and electricity all evolved into massive futures markets."

"Fink believes AI infrastructure could follow the same path, potentially creating a trillion-dollar asset class centered on "futures on compute" - contracts tied to future access to AI computing capacity. That highlights how AI doesn't work without enormous physical infrastructure behind it. Every AI model - whether it's ChatGPT, Gemini, Claude, or enterprise AI software - runs on computing power supplied by high-end chips and massive data centers."

"Semiconductor stocks have rallied, utilities are suddenly growth plays again, and hyperscalers are spending hundreds of billions of dollars building data centers across the U.S. At the same time, President Donald Trump has pushed for more domestic manufacturing, energy production, and AI infrastructure investment as part of a broader effort to keep the U.S. ahead in the global technology race."

"Analysts at Goldman Sachs estimate global AI-related infrastructure spending could approach $1 trillion over the next several years. That scale of spending reflects the physical requirements of AI systems, including high-end chips and massive data centers, along with the supporting infrastructure needed to supply compute and power."

AI is reshaping stock markets through semiconductor rallies, renewed growth in utilities, and massive hyperscaler data-center spending across the U.S. President Trump has pushed for domestic manufacturing, energy production, and AI infrastructure investment to maintain U.S. leadership in global technology. AI’s next phase may create a new asset class rather than only new companies. Shortages are emerging across compute power, chips, memory, and electricity as firms build larger AI systems. These shortages are already driving U.S. infrastructure spending for semiconductor manufacturing, power generation, and domestic data-center construction. Financial markets have historically turned essential resource constraints into futures markets, and AI infrastructure could follow with “futures on compute” contracts tied to future access to computing capacity. Global AI-related infrastructure spending could approach $1 trillion in coming years.

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