BlackRock CEO warns AI slowdown could trigger recession

BlackRock CEO Larry Fink has warned that restrictions on artificial intelligence data center construction could push the U.S. into a recession, while raising concerns about the country’s $40 trillion national debt during an October 14 interview. CNBC reported that Fink considers spending on artificial intelligence infrastructure an important source of U.S. economic activity. The executive warned that stopping major construction projects could reduce business investment at a time when federal borrowing and rising interest rates are already placing pressure on financial markets. His comments followed BlackRock’s third quarter earnings announcement, which showed $205 billion in new client funds and a 19% increase in annual revenue. Fink said that a nationwide suspension of new data center construction could severely affect the American economy.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to crypto.news.