Episode summary
BlackRock Nears $40 Billion Data Center Deal in Bet on AI | Bloomberg Intelligence
Bloomberg Intelligence
· · 23 min · Hosts: Paul Sweeney, Scarlet Fu · Guests: Ed Ludlow, Siddharth Philip, Jody Lurie, Lindsay Dutch
Summary
BlackRock’s Global Infrastructure Partners is reported to be in advanced talks to buy Aligned Data Centers in a deal that could value the company at about $40 billion, with MGX also expected to invest separately. The discussion framed the move as part of the broader AI buildout, shifting attention beyond chips and software to the physical infrastructure—land, power, water, cooling and buildings—that supports compute demand.
The conversation also said the AI capital boom may be inflating real-estate-like assets and could still look like a bubble even if it eventually pays off. The host and guests tied that to investor demand for evidence of revenue and cash flow, especially for public market and debt investors.
On aviation, Boeing’s 777X is now expected to enter commercial service in 2027 rather than 2026, a delay that could force a multi-billion-dollar accounting charge. The rest of the show examined cruise lines and toy makers, where analysts saw demand holding up in parts of the market but warned that 2026 could bring softer consumer spending, tariff-related disruption, and a less certain holiday season.
Key takeaways
- BlackRock’s GIP is said to be chasing Aligned Data Centers in a roughly $40 billion transaction, underscoring how AI demand is pushing capital into infrastructure, not just chips.
- The guest argued that AI spending can expand a $4 trillion chip-and-server buildout into as much as $7 trillion once power, cooling, labor and materials are included.
- Boeing’s 777X delay to 2027 could trigger a non-cash charge of roughly $2.5 billion to $4 billion, according to the discussion.
- Cruise demand still looks resilient in bookings and onboard spending, but Jody Lurie warned that 2026 could see weaker consumer behavior as inflation bites the middle market.
- Lindsay Dutch said toy makers face a murky holiday season because big retailers delayed orders and may have less room to reorder hot items.
Notable quotes
“Black Rockck's GIP partners, uh, Globe Infrastru. So, what we're reporting citing sources is that they would acquire Aligned”
“if you start to think about the concrete, labor, building materials, energy supply, utilities, water, cooling systems, you can expand that number out to 7 trillion”
“I mean, $40 billion for a real estate company, is that what we're talking about”
“the aircraft was meant to enter service in 2020 and the latest uh we heard from Boeing was entry into service in 2026”
“the outlook for toys is is really interesting and I'm really excited to hear more from management teams when we get the third quarter earnings in late October”
How the episode opens
Bloomberg Audio Studios podcasts radio news. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. — Listen on demand wherever you get your podcasts or watch us live on YouTube. All right, we've been touting uh his presence all week. Ed Ledlo, Bloomberg Tech co-host, is here in New York for the week. He's about to take off, but uh he did agree to speak with us uh before he does so
To talk about the stampede into data centers. Black Rockck's global infrastructure partners, the latest to uh to move in that direction.
This this is a really important piece of reporting because it will help a lot of investors and readers understand all the other stuff that's going into this movement outside of just the chips and the compute. Um, Black Rockck's GIP partners, uh, Globe Infrastru. So, what we're reporting citing sources is that they would acquire Aligned, which is basically a company that builds data centers, the actual buildings, you know, the the metal, the concrete, the sand, um, the water, the cooling, um, and then decides on their locations and manages basically a portfolio of them.
What's interesting is you see a familiar name MGX the investment vehicle backed by the UAE and its other sovereign wealth funds. So the idea here is that um Black Rockck's GIP acquires it and in parallel a separate equity investment from MGX and and what is this signal it it's this idea that we know about the compute demand. So we're basically thinking that there's going to be $4 trillion worth of demand for the chips and the server designs.
But if you start to think about the concrete, labor, building materials, energy supply, utilities, water, cooling systems, you can expand that number out to 7 trillion, and this is some really big names making moves to make sure they have the the name that can build the actual things and then manage them, you know, as a piece of real estate um um and and as a as an asset class, I suppose.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ai data centers
- blackrock infrastructure deal
- boeing 777x delay
- cruise demand outlook
- toy demand uncertainty
Companies and tickers mentioned
- BLK
- BA
- CCL
- RCL
- NCLH
- HAS
- MAT
- BlackRock
- Aligned Data Centers
- MGX
- Mubadala
- Boeing
- Carnival
- Royal Caribbean
- Norwegian
- Hasbro
- Mattel
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Intelligence
-
Anthropic’s IPO Is Said to Be About Six Times Oversubscribed | Bloomberg Intelligence -
Instant Reaction: Nvidia CEO Jensen Huang Ousted by Nvidia Board | Bloomberg Intelligence -
Nvidia’s Huang Ousted by Board in Move That Roils AI Economy | Bloomberg Intelligence -
CoreWeave Shares Soar After AI Computing Firm Eases Debt Fears | Bloomberg Intelligence -
Anthropic Targets $1.4 Trillion Valuation in Blockbuster IPO | Bloomberg Intelligence -
Nvidia Probe Into CEO Affair Raises Thorny Questions for AI | Bloomberg Intelligence
Bloomberg Intelligence, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
