BlackRock: AI Financing Boom More Attractive Than Long-Term Treasuries
nashnova research
BlackRock's fixed-income chief Rick Rieder says AI-driven debt financing is creating the best fixed-income opportunity in years, surpassing long-dated U.S. Treasuries — the world's largest asset manager is moving sovereign bonds out of its core allocation.
How big is the AI financing boom?
Global investment-grade AI-related financing has topped $300 billion in 2026 — roughly triple the 2025 full-year total — putting annual tech financing on track for a historic record.
This week alone saw a cluster of blockbuster deals: Broadcom arranged $63 billion to finance chip purchases for Anthropic; SpaceX signed a ~$40 billion equipment-financing lease with Apollo; Meta is seeking up to $95 billion via equity issuance; and Anthropic has filed for an IPO.
Rieder called it "something I have never seen before" and "one of the most exciting investing periods of my career."
What kind of assets does Rieder favour?
He is most bullish on financing tied to GPUs, data centres, and AI infrastructure — specifically secured debt from established companies with real cash flow.
This means → he is not betting on the AI concept itself but picking companies with actual revenue and collateral — a more controlled risk profile.
He also sees reasonable valuations in semiconductor and computing-power equities, finding opportunity on both the debt and equity sides.
Why has long-dated Treasury debt been "demoted"?
Rieder stated plainly: the 10-year Treasury now ranks second among fixed-income opportunities. Even if its yield breaks 5%, he no longer treats it as a core holding.
In plain terms = he now views Treasuries more like a thermometer — useful for reading market temperature, not something he actually wants to own.
By contrast, investors can earn roughly 7% yields in short-duration (bonds with shorter holding periods, less sensitive to rate moves), single-A-rated portfolios while avoiding long-end duration risk. Rieder said: "I've spent most of my career waiting for 7% yields."
What does the surge in new issuance mean for investors?
The wave of AI-related new issuance has improved pricing, giving investors more attractive entry points than in the past.
This means → more supply forces issuers to offer better terms to get deals done — buyers end up with the upper hand.
The 10-year Treasury yield has risen roughly 80 basis points this year, yet Rieder still sees Treasuries as relatively less compelling compared with AI-linked fixed income.
Where are the risks?
As hyperscalers like Amazon and Alphabet issue record volumes of bonds, markets worry these flows could crowd out demand for Treasuries. U.S. Treasury Secretary Bessent has criticised these companies for issuing at the wrong part of the yield curve.
Citadel co-CIO Pablo Salame warned that AI's massive capital demands are colliding with cautious lenders unwilling to bear the full risk — a tension that will eventually produce "some market casualties."
Rieder did not dodge the risk but stayed broadly optimistic, arguing that current new-issue pricing already compensates investors adequately.
Any opportunities outside the U.S.?
Rieder favours Japanese long-end rates as an allocation opportunity and finds emerging-market yields attractive.
He cautioned about political-event risk, including uncertainty around Brazil's election, and is cautious on French government bonds, expecting continued volatility and maintaining only limited exposure.
This reflects a broader judgment: whether AI infrastructure investment ultimately delivers returns will be the key test of whether this financing cycle can sustain itself.
市场有风险，内容仅供研究参考，不构成投资建议。