BlackRock Sees Historic AI Capex Boom Boosted by Chip Tariff Exemptions
BLK•The deputy head of BlackRock’s portfolio team highlighted US economic resilience, citing low unemployment and record AI-driven Capex surpassing 1990s IT buildout. He noted tariff exemptions for advanced microchips have fueled this spending surge and warned that AI’s near-term labor impacts are limited but could accelerate job shifts rapidly.
1. Economic Resilience and Policy Impact
BlackRock’s deputy head of portfolio management emphasized that the US economy continues to grow resiliently, supported by persistently low unemployment. He attributed part of this strength to accommodative monetary policy and flexible tariff exceptions on key technology imports.
2. Historic AI-Driven Capex Surge
He described the current AI Capex boom as historically scaled, surpassing the late-1990s IT buildout and drawing parallels to 19th-century railroad expansion. Tariff carve-outs for advanced microchips have directed significant capital into hardware and software infrastructure powering this transformation.
3. Labor Market Implications
While early evidence shows minimal employment disruption in most sectors, he cautioned that AI’s labor impacts could intensify quickly, especially in entry-level roles. He also noted emerging job creation in AI deployment and productivity enhancement functions, underscoring the speed of structural change.
