Larry Fink

“The capital expenditures for this [the AI infrastructure buildout] — $10 trillion. That's just for the US. Over the next 10 years we will be rewiring the global economy... laying cloud AI factories and data centers. Governments' deficits mean much of this money is going to come from the private sector — pension funds, 401(k)s, insurance companies and private credit.”

Larry FinkWall Street

Chairman and CEO, BlackRock

Ten-year horizon running to 2036; Fink made the same $10 trillion / private-savings-financing argument the following day (May 6, 2026) at Texas State Technical College in Waco, a clip of which Snopes fact-checked as genuine.

“By 2040, the global demand for new infrastructure investment is $68 trillion. To put that price tag in perspective, it's roughly the equivalent of building the entire Interstate Highway System and the Transcontinental Railroad, start to finish, every six weeks—for the next 15 years... Even the world's largest tech companies, despite their billions in free cash flow, aren't equipped for this scale of investment. A single AI data center can cost between $40 billion and $50 billion.”

Larry FinkWall Street

Chairman and CEO, BlackRock

Deadline is 2040; the $68 trillion is a cumulative global infrastructure investment-demand estimate cited in the letter, to be judged against realized global infrastructure investment through 2040.

“As Jensen said, each gigawatt costs $50 to $60 billion to build out, and we're talking about in the United States alone, we're going to need over 70 gigawatts of power to fuel this.”

Larry FinkInvestor

Chairman & CEO, BlackRock; chairman, AI Infrastructure Partnership

Fink gave no completion date for the 70+ GW of US AI power capacity, so the claim is tracked as an open capacity/cost estimate; it was made alongside Nvidia's MOUs with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize roughly $500 billion of compute financing.