‘Like 10 Manhattan Projects going off all at once.’ How AI is rewiring the global economy, says this BlackRock exec.

BlackRock tech head Tony Kim says AI is fundamentally rewiring the global economy and markets, calling the AI trade the equivalent of “10 Manhattan Projects.” He estimates AI capex at about $1 trillion this year with another $7–8 trillion over the next five years, against a $110 trillion global GDP. Market impact already shows $8 trillion of value added to the foundation-model and compute layers while the top application layer has lost $1–2 trillion in market value, implying widening dispersion and power‑law winners. Kim warns scale will concentrate market cap in a few leaders and question traditional moats across S&P 500 industries — an outlook supportive of tech-focused indices. The piece notes market reactions such as Bitcoin moving above $81,000 and highlights company-specific moves (Palantir, AMD) tied to AI developments. Overall, the analysis signals bullish structural implications for AI-exposed tech assets and potential longer-term concentration of market gains in a handful of winners.