BlackRock CEO Larry Fink: I'm very bullish on the markets over the next 12 months

Summary

BlackRock CEO Larry Fink expressed strong optimism for US markets over the next year, driven by AI-powered margin improvements. He highlighted tight memory supply benefiting memory stocks, believes hyperscaler AI capex will create great long-term investments, and detailed BlackRock's own margin expansion from technology and private markets. He also flagged concerns about insufficient US power grid investment and China's rapid energy buildout for AI.

• Larry Fink very bullish on markets over the next 12 months due to AI-driven margin gains.
• Memory stocks are surging because demand far exceeds supply, enabling big price increases.
• The six large tech companies spending $1 trillion on AI capex will become great investments.
• BlackRock margin expansion driven by technology, private markets, and retirement growth.
• US power grid investment is not keeping pace with compute demand; China is building nuclear and solar rapidly.
• Overall market leverage is low, but pockets exist in Korean leveraged ETFs and crypto.
• Bitcoin and crypto are more stable now after a leverage washout.
• Data center demand continues to accelerate, requiring massive financing.