The world's largest asset manager funding the AI boom, but its clock is set by interest rates, not AI
BlackRock
BlackRock is the world's largest asset manager, with assets under management above $14 trillion at the end of 2025. Its pillars are iShares ETFs, active management, the Aladdin technology platform, and private-markets infrastructure expanded by the GIP acquisition. Because most revenue is AUM-linked management fees, results move with asset prices, which are set by the interest-rate environment.
BLK Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, BlackRock is directly linked to 2 companies (0 supply, 0 revenue, 2 investment relationships) and reaches 26 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · AUM $14.04T at end-2025 (record). FY2025 total revenue $24.2B (+19%), record full-year net inflows of $698B.
- Customer concentration · 76% of revenue is AUM-linked advisory/administration fees, so results track asset prices and rates. GIP and AIP make it a capital supplier to AI data centers.
- Segments · iShares ETFs · Index & active · Alternatives & private infra · Aladdin technology
Revenue from
- 투자자·클라이언트 (운용·자문보수) High confidence· Revenue 18,474$M · FY2025 · investment advisory & administration fees
AUM-linked investment advisory and administration fees. FY2025 $18,474M (76% of revenue). - 알라딘 기술 구독 클라이언트 High confidence· Revenue 1,981$M · FY2025 · technology services & subscription
Technology services & subscription revenue (Aladdin) FY2025 $1,981M (+24%), ACV +31%.
Pays to
- 임직원 보상 High confidence· cost 8,446$M · FY2025 · employee compensation & benefits
Employee compensation & benefits FY2025 $8,446M (total expense $17,171M). - 기술·데이터·일반관리비 Medium confidence· cost 2,731$M · FY2025 · general & administration
General & administration (incl. technology & data) FY2025 $2,731M.
Investments
- Microsoft High confidence· 100$B · AIP total investment potential
Co-founded the AI Infrastructure Partnership (AIP) with Microsoft and MGX to mobilize up to $100B of investment potential ($30B equity + debt) into AI data centers and power infrastructure, combined with the GIP platform.Confirms EN Microsoft Published Sep 17, 2024: BlackRock, GIP, Microsoft and MGX launch new AI partnership to invest in data centers - Aligned Data Centers (AIP·GIP 인수) Medium confidence· 40$B
AIP, MGX and BlackRock's GIP agreed to acquire all equity in Aligned Data Centers at ~$40B EV (announced Oct 2025, close expected H1 2026); 50+ campuses, 5GW+.Confirms EN Global Infrastructure Partners Published Oct 15, 2025: AIP, MGX and BlackRock's GIP to acquire all equity in Aligned Data Centers - NVIDIA Medium confidence
NVIDIA joined AIP as a partner in March 2025 (with xAI), bringing AI-factory expertise to the BlackRock/GIP/Microsoft/MGX data-center investment; BlackRock is also a large index/iShares holder of NVIDIA.Confirms EN BlackRock Published Mar 19, 2025: BlackRock, GIP, Microsoft and MGX welcome NVIDIA and xAI to the AI Infrastructure Partnership
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| BlackRock | node | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| Microsoft | benef1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Western Digital | benef2 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +238.4 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | benef2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +97 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +96.9 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Equinix | benef2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +38.6 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| IREN | benef2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Brookfield Asset Management Ltd. | benef2 | · | · | +45.6 | +39.7 | -0.2 | -9 |
| Constellation Energy | benef2 | · | · | +37.2 | +92.7 | +58.8 | -28.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
BlackRock's thesis is 'the world's largest manager that funds AI but whose clock is set by rates.' On $14T AUM, 76% of revenue is AUM-linked fees, so results track asset prices and rates, not AI — exactly as the kicker says. Its AI exposure is as a capital supplier, not an operator: via the GIP acquisition and AIP (with Microsoft, MGX and NVIDIA, up to $100B potential) it funds AI data centers and power and is acquiring Aligned Data Centers at ~$40B EV. On top, AUM-independent Aladdin technology subscriptions (revenue +24%, ACV +31%) add a structural growth leg. The keys are the rate/asset-price cycle and the returns on private-infrastructure deployment; the risk is falling AUM and fees in a market drawdown.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $1,348 · Price $1,036.11 (07-10) · Upside +30%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Keefe, Bruyette & Woods · Alex Bond | Outperform | $1,275 | Jul 10, 2026 | Report ↗ |
| Barclays · Benjamin Budish | Overweight | $1,340 | Jul 9, 2026 | Report ↗ |
| Morgan Stanley · Michael Cyprys | Overweight | $1,430 | Jun 26, 2026 | Report ↗ |
Heading into July 2026 earnings the consensus is buy-heavy, with targets spanning $1,165 to Morgan Stanley's $1,430 at the top.
Analyses covering this node
- Capital that funds the boom runs on the rate clock: banks, asset managers, Berkshire Jul 9, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026