BlackRock CEO Larry Fink warned Wednesday that a U.S. moratorium on data center construction would push the country into a recession, arguing that AI infrastructure spending now accounts for a significant share of economic growth. He told CNBC that capital expenditure on buildings, chips and power lines is driving growth, and spoke after BlackRock reported record assets of $15.5 trillion. Wall Street analysts estimate AI capital spending could exceed $1 trillion in 2027 and $5 trillion by 2030, while Harvard economist Jason Furman calculated that technology investment drove about 92% of U.S. growth in the first half of 2025. Fink said data centers support jobs in construction, hardware and power, but communities are raising concerns about electricity bills, water consumption, environmental damage and limited investment transparency. New York became the first state to pause new data center permits for up to a year while it develops new rules. BlackRock's AI Infrastructure Partnership made its first deployment during the latest quarter, giving the asset manager direct exposure to the buildout. The debate is becoming an issue in the November 3 midterm elections, while Broadcom CEO Hock Tan and Ray Dalio have separately questioned whether AI investment has become speculative.