Larry Fink, CEO of BlackRock, the world’s largest asset manager, warned that a moratorium on data center construction could cause a recession. New York State recently imposed a one-year moratorium on environmental permits for large data centers, defined as facilities drawing 50 MW or more. Fink estimates the US needs to invest between $7-9 trillion in power grid infrastructure over the coming years. BlackRock, which heavily finances the data center boom, holds an 80% stake in a Texas project backed by Meta, supported by over $12 billion in debt financing. Approximately 100 localities across the US have proposed or enacted similar moratoriums.
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