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Nvidia and a group of major financial firms, including BlackRock, Apollo, Blackstone, Brookfield, Goldman Sachs and KKR, recently signed memorandums of understanding to mobilize over US$500 billion of third-party capital for AI infrastructure, reframing data centers and compute hardware as long-life assets financed through dedicated platforms rather than Nvidia’s balance sheet.
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This positions BlackRock not only as an asset manager but also as a central architect of an emerging AI infrastructure asset class, potentially deepening its role in private markets, digital assets and long-duration income products for institutional clients.
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We’ll now examine how BlackRock’s central role in financing AI infrastructure at very large scale could reshape its investment narrative.
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BlackRock Investment Narrative Recap
To own BlackRock, you need to believe its scale in ETFs, technology and alternatives can offset fee pressure and higher costs as it pushes deeper into private markets and infrastructure. The new Nvidia AI financing consortium and the AI Infrastructure Partnership MOU look directionally helpful for reinforcing its alternatives and infrastructure story, but do not materially change the near term tension between premium valuation and execution risk on these newer, more complex platforms.
The recent launch of tokenized money market products, including OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund, is especially relevant here because it shows BlackRock extending its technology and digital asset capabilities alongside its AI infrastructure push. This combination of on chain cash management, Bitcoin ETFs and large scale AI data center ownership could become an important proof point for whether technology investments truly support higher margin, stickier revenue streams or simply add to costs and operational risk.
Yet beneath the AI and tokenization story, investors should be aware of the growing technology, cyber and operational risks tied to platforms like Aladdin, Preqin and…
BlackRock’s narrative projects $35.7 billion revenue and $10.2 billion earnings by 2029. This requires 9.3% yearly revenue growth and an earnings increase of about $3.6 billion from $6.6 billion today.
Uncover how BlackRock’s forecasts yield a $1314 fair value, a 13% upside to its current price.
