BlackRock CEO Larry Fink warns the artificial intelligence boom risks widening inequality, with only a handful of companies and investors likely to reap financial rewards. In his annual letter, Fink highlights how AI has become central to strategic competition between global powers like the US and China.

Wealth historically flowed to those owning financial assets, and AI threatens to repeat this pattern at an even larger scale. Companies with data, infrastructure, and funding to deploy AI on a large scale "are positioned to benefit disproportionately." The market leader, Nvidia, is now valued at $4.3tn.

Growing concerns about an AI investment bubble mirror conditions that led to the dotcom crash. Fink suggests people turn to financial markets rather than housing to build wealth. "Bringing more people into capital markets lets them share in growth already taking place, not just watch from the sidelines," he concluded.