BlackRock CEO Larry Fink said Wednesday that any US moratorium on data center construction would push the country into a recession. His argument is that AI building work now carries much of the economy.

Fink spoke hours after the world’s largest asset manager reported record assets of $15.5 trillion. However, his warning lands as anger over data centers becomes a live issue in the November 3 midterm elections.

“If we have a moratorium of some sort in this country, we will be in a recession.”

How Much of the US Economy Rides on AI Spending?

Fink told CNBC that much of US growth now depends on capital expenditure, or spending on buildings, chips, and power lines. Wall Street analysts estimate AI capital spending could top $1 trillion in 2027 and pass $5 trillion by 2030.

In 2025, Harvard economist Jason Furman calculated that tech investment drove about 92% of US growth in the first half of that year.

Fink also called data centers a jobs engine. He said the buildout has created demand for construction workers, computer hardware, and grid power, and argued most public fears rest on misinformation.

Who Is Pushing Back, and What BlackRock Has at Stake

Local communities point to rising utility bills, heavy water use, environmental damage, and a lack of transparency on investment. In July, New York became the first state to pause new data center permits, for up to a year, while it writes new rules.

BlackRock also has money in the buildout. Its third-quarter filing says its AI Infrastructure Partnership, a fund built to finance data centers and power, made its first deployment this quarter.

Investors are also questioning the boom. This week, Broadcom’s Hock Tan likened some AI investors to gamblers in a casino, and Ray Dalio has warned an AI bubble is close to bursting.

The next test of Fink’s argument falls on voters. Midterm ballots are cast on November 3, 20 days from now.

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