Episode summary
BlackRock’s GIP Buys Aligned Data Centers in $40 Billion Bet | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney, Scarlet Fu · Guests: Caroline Hyde, Deborah Aitken, Nicole D'Souza, Anurag Rana
Summary
BlackRock’s Global Infrastructure Partners buying Aligned Data Centers for $40 billion was presented as the latest sign that AI infrastructure spending is still accelerating, even as the host and guest raised concerns about circular financing and bubble risk. The discussion emphasized how Microsoft, Nvidia, MGX and others are helping fund the buildout because demand for compute and GPU capacity still appears insatiable. The guest said the market is increasingly asking where the money is coming from and whether the AI trade has become frothy.
The episode also covered ASML, where the guest said demand has improved enough to offset earlier fears about China-related weakness. ASML’s extreme ultraviolet tools remain essential for leading-edge chips, but China exposure is expected to moderate in 2026. The broader message was that AI-related infrastructure and equipment names are still seeing strong demand even as geopolitical and valuation questions persist.
On consumer stocks, the host and a guest discussed LVMH’s surprise return to sales growth, which the guest framed as an important sentiment shift for luxury. The guest said China is improving, the US is more resilient, and the biggest brands and higher-end segments are recovering first, though tourism-related spending is still below 2019 levels.
The show also examined Grindr’s potential take-private deal and Apple’s manufacturing and AI strategy. The guest said Grindr’s largest shareholders are exploring a deal near $15 a share, while Apple appears to be leaning on third-party AI partners and expanding in Vietnam rather than reshoring production to the US.
Key takeaways
- The host said BlackRock’s GIP-led purchase of Aligned Data Centers for $40 billion fits a broader wave of AI infrastructure spending and circular capital flows.
- The guest said people are increasingly using words like bubble and frothy to describe AI infrastructure valuations and financing.
- The guest said ASML still sees demand strength outside China, even though China exposure should decline in 2026.
- The guest said LVMH’s return to 1% organic growth is a major sentiment signal for luxury, with China and the US improving.
- The guest said Grindr’s largest shareholders are exploring a take-private transaction around $15 a share, implying a roughly $3 billion valuation.
- The guest said Apple is likely to rely on third-party AI technology rather than building its own model from scratch.
Notable quotes
“This is a $40 billion AI bet. And to be fair, it's a lot more than Black Rockck”
“I think a lot of people are starting to put the word bubble in the context of AI and infrastructure right now”
“the comments from the company late last night out of Paris were more positive than the market anticipated”
“there are two investors, Raymond's age and James Louu, who together control about 60% of Grinder”
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. It's yet another day of data center deals.
I feel like this is a neverending story here and it continues to propel the stock market higher and that's kind of what's happening here. The NASDAQ up 1.3%, the S&P 500 up 1.1%. So, we needed to bring Caroline Hyde, our BTE co-anchor in to our New York studios uh here to kind of walk us through some of the big stories.
And I guess let's start on the one that became official, which is Black Rockck's GIP buying um Align Data Centers. This is a $40 billion AI bet. And to be fair, it's a lot more than Black Rockck.
You've got Black Rockck, but you've got MGX, which is Madala's AI investment company, part of that sovereign wealth fund focus on AI. But you've got Microsoft in the mix. You've got Nvidia in the mix.
You've got XAI in the mix. Basically, anyone who likes financing data centers or needs access to data centers or has some GPUs to put inside data centers seemingly wanted in on what was a hundred billion dollar get together pool of capital. And this is their first chunk of change, 40 billion being committed to align data centers.
It's over in Texas. And this was actually owned by Mcquaryy, a big Australian infrastructure player. And they are now managing to sell off.
It's a huge campus. You're thinking about operating in US and indeed in South America aligned. They've got 50 campuses.
They've got 78 data centers.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- data center acquisition
- luxury goods earnings
- grindr buyout talks
- apple vietnam manufacturing smart home
- debt financing
Companies and tickers mentioned
- BLK
- MSFT
- NVDA
- LVMUY
- AAPL
- BYDDY
- BlackRock Inc.
- Aligned Data Centers
- Macquarie Asset Management
- MGX
- Microsoft Corp.
- Nvidia Corp.
- LVMH
- Grindr
- Apple
- BYD Co.
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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