blackrock

BlackRock CEO Larry Fink thinks AI will boost productivity by 30%

Unusual Whales

Jun 2, 2023 • 1 min read

Per Business Insider

The CEO of BlackRock, Larry Fink, has recently given his thoughts on AI with the firm's experts saying that it could result in a 30% boost in production. This comes as the company has a team called AI Labs.

The CEO reportedly gave his thoughts on AI, pointing out how the market was all about AI as of the moment. Fink noted that the company was spending a lot of time to learn more about the technology.

Fink: "We spend a lot of time with different technologists who know a lot more about this than I do. They believe things like it will increase productivity by 30%."

The company is reportedly no stranger to AI technology as its AI Labs team was formed five years ago, way before the boom in OpenAI's ChatGPT. It was noted that the team's focus was mainly machine learning and natural language processing.

AI Labs was also reportedly looking for new software engineers, per a recent job listing.

Fink: "The key is now: is AI or other forms of that going to really reshape how we live? I mean, think about — can you live without your smartphone?... Will AI be the same thing and change how we live and how we think and how we organize and how we manage?"

At the end of 2022, BlackRock CEO Larry Fink and Ukraine's President Volodymyr Zelenskyy entered an agreement to rebuild the country. This came a week after the Ukraine President met with US President Joe Biden as he visited Washington, D.C.

The investment was detailed to go directly towards reconstruction efforts and sectors that impacted the country's economy.

In 2022, BlackRock reportedly lost the largest amount of money by a single firm over the span of six months. During the first half of the year, the firm reportedly lost $1.7 trillion of its clients' money.

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