BlackRock CEO Larry Fink said artificial intelligence presents "transformational opportunities," including boosting productivity, and might help bring down persistent inflation.
Speaking to investors in New York at BlackRock's 2023 Investor Day on Wednesday, Mr. Fink joked that, while he was a fan of dystopian movies and books, he is optimistic about AI's potential to revolutionize both long-term investing and human life in general.
"I see AI presenting transformational opportunities," Mr. Fink said. "I've talked about how the collapse of productivity has been an essential issue in the global economies, and I believe it's an essential reason why we have such sticky inflation. I believe that AI has a huge potential to increase productivity, increase knowledge base and transform margins across sectors. It may be the technology that can bring down inflation."
Mr. Fink added that he was confident that AI has the ability to accelerate scientific discovery and "change how humans live, operate and enjoy" their lives.
Mr. Fink is not the only leader on Wall Street excited about AI's potential. In May, Vanguard Group CEO Mortimer J. "Tim" Buckley said generative artificial intelligence was poised to revolutionize the asset management industry and produce better long-term outcomes for clients.
BlackRock's Aladdin platform's use of AI was a key theme at Investor Day on Wednesday.
"At BlackRock, we continue to advance in our usage of artificial intelligence and associated disciplines, whether it's machine learning, data science, natural language processing to drive and enhance productivity and progress," Mr. Fink said.
"I've joked about our leadership team being almost as neurotic as I am. It's how BlackRock stays ahead," Mr. Fink added. "But I'm really happy to report that some of these leaders who presented today may be more neurotic than I am. And when it comes to AI, we're going to bring the same healthy paranoia, the same healthy enthusiasm, that will define our movement in AI and will be essential in how we work in the future."
