Deutsche Bank, BlackRock Executives Push Back on AI Bubble Warning

The split is notable because it runs along business-model lines: a bank CEO and an asset manager with heavy exposure to AI capex are arguing against the bubble framing, while a hedge fund figure is the one flagging setbacks. Fink's point is the more consequential one — it reframes the debate from valuation to physical buildout, suggesting that slower data-center construction is itself a macro risk through computing costs and inflation. That turns AI infrastructure timelines into something closer to a growth and inflation variable than a pure equity story. Whether that framing gains traction among policymakers is the open question.