BlackRock Trimmed AI-Linked Stocks, CIO Rick Rieder Says

BlackRock has pulled back on AI stocks most directly tied to the AI boom, Global Fixed Income CIO Rick Rieder said Wednesday, calling it a rebalancing rather than a reversal. According to BeInCrypto, Rieder told CNBC the firm trimmed positions in companies whose earnings depend most heavily on the AI buildout and also cut a notable slice of overall equity exposure. He said BlackRock may redeploy into cheaper AI beneficiaries such as power producers, industrials and infrastructure tied to data center spending. BlackRock reported record $13.9 trillion in AUM as of March 31.