This discussion explores artificial intelligence, abbreviated AI, factories and the evolving role of data centers in technology investment. The conversation emphasizes how model scaling and rising capital expenditure reshape the technology stack and influence investment strategies across compute, chips, memory and optical networks. Tony Kim of BlackRock appears on theCUBE with hosts John Furrier and Dave Vellante. Kim leads the fundamental equities global technology team at BlackRock and they bring deep technology-focused investment expertise to the conversation. Kim examines AI-driven shifts and explains that the market inverts as value and market capitalization migrate toward compute and infrastructure while models generate tokens with real cost of goods sold, abbreviated COGS. They argue that tracing token flow clarifies margin capture and that foundation-model spending cascades through hyperscalers, neo-clouds and inference clouds. Hosts and analysts probe implications for software as a service, abbreviated SaaS, open-weight models strategic partnerships and where enduring enterprise moats form. The discussion highlights investment implications for data centers AI infrastructure semiconductors and cloud ecosystems, and it outlines factors to consider for institutional investors and technology leaders.
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Tony Kim, BlackRock
September 23, 2026
Tony Kim
Head of Fundamental Equities Global Technology Blackrock
In this interview from theCUBE + NYSE Wired: AI Factories - Data Centers of the Future, Tony Kim, technology-focused investment manager and lead portfolio manager at BlackRock, joins theCUBE's Dave Vellante to discuss how the AI buildout is inverting decades-old assumptions about value, margin and market capitalization across the technology stack. Kim explains that despite four years of exponential AI adoption, capabilities are scaling faster than capital expenditure, signaling the buildout remains in its early stages. He notes how semiconductors—once dismiss... Read more
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