$14 trillion (about 2,111.9 trillion won) under management at the world's largest asset manager BlackRock, CEO Larry Fink said the spread of artificial intelligence (AI) makes a structural overhaul of the labor market inevitable. He stressed that the era of white-collar dominance is fading and that the value of skilled "blue-collar" work will be newly recognized.
In a recent interview with the BBC in the United Kingdom, Fink said, "Society has made the mistake of pressuring young people to go only to college, idolizing bankers and lawyers, while looking down on truly skilled trades." He added, "It was a misjudgment for the media to caricature plumbers and portray investment bankers only as aspirational figures," and emphasized, "We need to correct the funneling of talented hands-on workers into finance and law and restore social respect for technical trades." In his view, while AI replaces office work, demand will surge for on-site technical jobs such as electrical work, welding and plumbing.
He drew a firm line against the "AI bubble" arguments raised in some quarters. Fink said, "I don't see a bubble in AI," adding, "There may be some failures, but they won't change the overall trend." He also said, "This is a time of technological hegemony competition," emphasizing, "The moment you slow investment, you fall behind China." He identified "energy" as the biggest variable for the growth of the AI industry. "The AI era requires massive electricity," he said, adding, "Securing cheap and stable power will determine national competitiveness."
Fink also expressed strong concern about the recent Middle East situation and the energy market. He said that if international oil prices rise to around $150 per barrel, it would trigger a steep global recession. He said, "Rising energy prices are like a regressive tax that is harsher on the poor than on the rich," and said countries should not be trapped in ideology but build a "pragmatic energy mix" that mobilizes all available means—solar, nuclear and fossil fuels—to supply cheap electricity. In the end, the winner in the AI era will be determined not by technology but by the ability to secure power.