The AI ​​boom risks widening the wealth gap, says BlackRock’s Larry Fink

The artificial intelligence boom risks worsening inequality as only a handful of companies and investors stand to benefit, BlackRock boss Larry Fink warned.

The boss of the $14 trillion (£10.4 trillion) asset manager used his annual letter to investors on Monday to flag potential dangers related to the exponential growth of AI, which has attracted rapid investment and become a “key strategic competition” between global powers such as the US and China.

“The enormous wealth created in the last few generations largely flowed to people who already had financial assets,” Fink said. “And now AI is threatening to repeat this pattern on an even larger scale.”

He warned that the AI ​​boom risks accelerating a trend in which leading companies stay ahead while others struggle to keep up.

AI-focused technology stocks have risen significantly in recent years – the market leader, chipmaker Nvidia, is now valued at $4.3 trillion.

Fink said that…