BlackRock chief executive Larry Fink has warned that AI risks widening inequality, concentrating wealth among a handful of businesses and investors who have financed the industry’s growth.
Fink used his annual letter to BlackRock shareholders on Monday to caution that AI could intensify wealth disparities if individuals lack a means to participate in its rise, writing that a growing part of the country felt capitalism was not working for enough people.
“The massive wealth created over the past several generations flowed mostly to people who already owned financial assets,” he wrote. “AI threatens to repeat that pattern at an even larger scale.”
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