Larry Fink, the CEO of Blackrock, argues against slowing down the global competition in Artificial Intelligence (AI). He asserted to the “Handelsblatt” that using political moratoriums or other means to curb the expansion of data centers is not the correct approach.
Fink noted that this situation may present an opportunity for China to build up computing power, potentially making other countries dependent on China in this regard. He stated his view that China is better preparing for the world of AI than any other nation. This comment comes as Fink is scheduled to attend the German government’s investment summit in Berlin this week.
Fink stressed that Europe and the United States must not adopt the path of moratoriums. Instead, he urged Germany and Europe to increase their investments in AI expansion. He warned that if they do not accelerate investment, they will fall behind in productivity compared to countries aggressively pursuing AI growth. Investment in AI is also a significant business area for Blackrock.
He had previously warned that a moratorium on data center expansion in the U.S. could trigger a recession. This is because a large portion of growth in the world’s largest economy is derived from investments in technology.
