The world's largest asset manager, BlackRock, has decided to partially reduce its positions in stocks most closely tied to the development of artificial intelligence. The organization's top executive, Rick Rieder, publicly explained that these actions are a planned portfolio rebalancing, not a fundamental shift in the long-term view of the sector.
Strategic Correction, Not Panic
According to Rieder, his team reduced its stake in companies whose profits critically depend on progress in the AI field. He emphasized that this is not about abandoning the technology's prospects, but about taking profits on successfully grown positions. "In some companies that are more closely tied to AI than others, we slightly reduced our stake and adjusted the structure a bit," he noted.
Notably, the scale of BlackRock's portfolio is impressive: according to the SEC, as of March 31, the company managed a record $13.9 trillion in assets. Any, even minor, change in the allocation of such a giant immediately attracts the attention of the entire investment community.
Context and Divergence on Wall Street
Rieder's position has been consistent since the beginning of the year. As early as June, he dismissed analogies with the dot-com bubble, pointing to the strong fundamental metrics of the "Magnificent Seven," which were trading at a multiple of about 26 earnings with expected annual growth above 20%.
However, on Wall Street, there is no consensus on strategies in the AI market. JPMorgan advises buying cheaper chipmaker stocks, while Morgan Stanley is betting on cloud infrastructure providers. This divergence in views only underscores BlackRock's selective approach, which is currently focused on taking profits rather than aggressive accumulation.
Where Will the Capital Go?
Rieder hinted that the freed-up capital could be redirected to sectors that benefit from AI adoption but are not its "pure" representatives. Specifically, this refers to electricity producers, industrial companies, and builders of data center infrastructure.
My analysis shows that we are witnessing a classic transition from the "hyper-investment" phase in AI infrastructure to the monetization phase. The market is beginning to more soberly assess who will actually reap the real benefits from the technology's adoption, rather than just from the hype surrounding it. The current trend of profit-taking has already affected virtually the entire supply chain for the AI industry, including recent pressure on Samsung's stock following the publication of an optimistic forecast.
Expert Commentary: BlackRock's actions are not a "bearish" signal for AI as a whole, but rather a call for rationality. Investors should review their portfolios and pay attention to companies that can convert hype into real cash flow, rather than just "gold diggers" selling shovels. The narrowing of the market to a small circle of issuers is a systemic threat, and BlackRock, by diversifying through bitcoin (recommending 1-2% of the portfolio), is sending a clear signal about the need for balance.