The world's largest asset manager, BlackRock, has announced a partial reduction in its positions in stocks of companies most closely tied to the development of artificial intelligence (AI). The organization's top executive, Rick Rieder, publicly stated that these actions represent a planned portfolio rebalancing, not a fundamental shift in long-term strategy. However, for the market, this is a clear signal that cannot be ignored.
BlackRock manages a record volume of client assets — as of March 31, the company controlled $13.9 trillion. Therefore, any move by such a player instantly attracts attention. Key market participants are now actively discussing whether the current capital skew towards a few technology leaders has become too risky.
Rick Rieder explained in an interview that his team reduced the stake in companies whose profits are critically dependent on AI development. He emphasized that this involves taking profits on successfully grown positions, not abandoning the sector's prospects. "In some companies that are more tied to AI than others, we slightly reduced the stake and adjusted the structure a bit," Rieder noted.
Rieder's position has remained unchanged since the beginning of the year. As early as June, he dismissed analogies with the dot-com bubble, pointing out that the "Magnificent Seven" were trading at a multiple of about 26 times earnings with expected earnings growth above 20% annually.
Where is capital flowing?
Rieder stated that the freed-up capital could be redirected to more investable sectors that benefit from AI adoption. Specifically, this includes electricity producers, industrial companies, and builders of data center infrastructure. This is a logical step: the AI boom requires enormous energy and infrastructure capacity.
On Wall Street, there is no longer a consensus on AI market strategies. JPMorgan advises buying cheaper chipmaker stocks, while Morgan Stanley is betting on cloud infrastructure providers. This divergence in views echoes BlackRock's selective approach.
Systemic threat
The main systemic threat to the market today lies in the abnormally high concentration of assets. The S&P 500 index regularly updates historical highs with a very limited number of growing businesses. In effect, the entire positive momentum is driven by an extremely narrow circle of the largest issuers.
The trend towards timely profit-taking has already affected virtually the entire supply chain for the AI industry. For example, Samsung's shares came under pressure immediately after publishing an optimistic forecast of a 19-fold increase in net profit. Major holders rushed to lock in recent gains, which naturally adjusted the stock price of the technology giant.
My analysis: BlackRock's actions are not panic, but cold-blooded calculation. The giant is taking profits at the peak of AI hype and shifting into more fundamental and less overheated stories. This is a powerful signal for retail investors: the era of "buy everything related to AI" is ending. The time for pinpoint selection and strict discipline is coming. BlackRock has already made it clear that it sees an alternative — for example, in Bitcoin, recommending allocating 1-2% of the portfolio to it. This indicates a search for a new "safe haven" for capital.