贝莱德Q3业绩超预期但股价冲高回落，Fink盘后访谈力挺数据中心并谈GPU证券化，无新增可交易事实

BlackRock CEO Larry Fink pushed back against growing concerns over data center expansion, arguing that much of the opposition is rooted in misinformation. "There are a lot of rumors and fear about data centers. Most of it is on misinformation. Most of it is wrong," Fink said in an interview with CNBC, specifically addressing water usage complaints by noting that "golf courses use more water than the data centers." He warned that any moratorium on data center development could trigger a recession given how much of the U.S. economy depends on the ongoing capital expenditure buildout. "Data centers are not the problem. They're creating more new jobs than ever before in terms of workers," he said. BlackRock's ( BLK ) third-quarter earnings report showed assets under management reaching a record $55T. The firm reported $205B in new client inflows even as U.S. equities remained flat and bonds declined during the quarter. The BlackRock chief executive highlighted an unprecedented dynamic in capital markets, declaring it the first time in his 50-year career that he has observed genuine shortages of capital. "Our government is demanding more and more credit. The bond auctions are getting larger and larger and larger," Fink explained, pointing to the U.S. national debt growing from $8T in 2000 to $40T today—a $32T increase in just 26 years. To address the capital shortage and unlock compute access for smaller companies, Fink outlined BlackRock's ( BLK ) efforts to securitize GPUs and other chip assets. "Democratize compute; that is the only way it's going to happen," he said, explaining that startup companies lack credit ratings but will need compute power to compete. By working with hyperscalers and chip companies to gather data on chip lifespans, BlackRock ( BLK ) aims to secure credit ratings based on residual chip values, potentially creating a market similar to the $15T mortgage-backed securities industry. Fink also offered perspective on the broader labor market and AI's potential economic impact. He noted the U.S. currently has shortages of electricians, plumbers, welders, and nurses, with 80% of health care institutions reporting nursing shortages at a recent BlackRock meeting. Rather than viewing AI as purely a job displacement threat, Fink suggested countries with aging populations like Japan could experience a “demographic blessing” by using robotics and AI to boost productivity. He remained firm in his conviction that the U.S. can grow its way out of the deficit problem, but only if the economy expands at 3% or more.