BlackRock CEO Fink Says US Is Place to Be Overweight for Next 18 Months

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00:00At the beginning of the year, we did see some modest transformation movement out of the

00:04dollar, and we saw that money moving into Europe and to other places.

00:11But that movement was from a huge overweight in dollar-based assets.

00:17And I would say in the last two months, we're seeing that money coming back into the United

00:21States, and so I don't see there's that much movement.

00:26And there's still a deep belief in the opportunity in the U.S., you asked Cristiano about AI.

00:35If you look at the makeup of the second quarter of the U.S. economy, over 40 percent of the

00:41economic growth in the second quarter was CapEx for technology.

00:46And you don't see that in other places in the world.

00:49And as that CapEx, whether it is through data centers or finding more power, gas, building

00:58gas turbines, you're seeing all that happening more in the United States than most places

01:04in the world today.

01:06You're not seeing that as much in Europe.

01:08And this is one of the big reasons for the huge gap between the U.S. GDP and the European

01:13GDP.

01:14Look, money is going to move around all the time, but I would say most global investors

01:19have a very large overweight in the U.S., and I think that's going to be the place to have

01:24your overweighting for at least the next 18 months.