BLK Blackrock Inc.

BlackRock upgraded U.S. Treasuries to overweight, ending a nearly six-year underweight position, as 10-year yields climbed about 110 basis points this year to roughly 5.25%, their highest levels in decades. The firm favors short-term government debt while moving long-term Treasuries to neutral, arguing that higher real interest rates rather than inflation expectations have driven the selloff. BlackRock believes markets are overstating future Fed tightening and estimates current yields provide a 75-basis-point buffer against further rate increases over the next 12 months before total returns turn negative. To fund the shift, BlackRock cut U.S. equities from overweight to neutral and reduced agency mortgage-backed securities exposure. Despite the tactical caution, it maintains a structural preference for AI-focused stocks, listed infrastructure and emerging-market equities. $BLK

$BLK Daily. Despite roughly $15.3 trillion in AUM, mighty Blackrock looks vulnerable to following an overall weakening financial sector lower. Short idea.

$BLK $BLK — Tokenization thesis BlackRock is already bringing traditional assets on-chain, including tokenized money-market products. I own BLK not just for traditional asset management, but as exposure to a major incumbent helping bridge traditional finance and blockchain infrastructure. Watching this as a long-duration theme, not a short-term trade. I know it’s pricy but Fidelity allows fractional buying. In August it launched tokenized money-market products, including an on-chain share class using blockchain infrastructure.

$BLK BlackRock reports Wednesday before the open, with consensus around $14.30 EPS. Client flows are the cleanest real-time read on where institutional money is moving: equities, fixed income with the 10-year near multi-decade highs, or private markets. $SCHW $KKR

$BLK First-ever look at BlackRock here. Wells Fargo initiated coverage on Oct 1 at Overweight with a 1,245 target, calling it an industry leader with accelerating operating momentum. Wednesday before the open is the test. AlphaStreet's 15-analyst consensus: 14.29 EPS, up about 24% year over year, on roughly 7.52B revenue. Zacks models AUM up 16.4%. Q2 set the pace: 13.91 vs 12.69 expected, revenue up 31%, 192 billion of net inflows, AUM at 15.3 trillion.

Artificial intelligence and data centers are increasingly competing with governments for capital as financing costs remain elevated. BlackRock Investment Institute estimates annual U.S. financing demand could exceed $7.5 trillion by 2030, driven largely by AI infrastructure and government borrowing. The shift is already visible in credit markets. AI- and data-center-related debt accounts for about 14% of U.S. investment-grade issuance this year, up from 5% in 2025 and just 1% during the previous decade. BlackRock expects the financing wave to continue as companies expand computing capacity. BlackRock said a slowdown in frontier AI models would not necessarily reduce demand for physical infrastructure, since most current AI computing capacity is used for inference, or running existing models. The firm expects inference demand to keep growing as adoption remains in its early stages. $BLK

The U.S. Justice Department is actively considering whether to join a high-profile antitrust lawsuit brought by several states against asset managers BlackRock and State Street, Bloomberg reported, citing people familiar with the matter. Senior antitrust officials have recently spoken with state attorneys general and company representatives, but no final decision has been made. The case stems from a 2024 lawsuit led by Texas and 12 other states, which alleges the firms used their market power and membership in climate coalitions to reduce coal production and raise regional energy prices. In May 2025, the DOJ and FTC jointly filed a statement of interest saying the alleged conduct, if proven, could violate antitrust laws. A federal judge allowed the case against BlackRock and State Street to proceed in August 2025. Vanguard, initially a co-defendant, settled in February for $29.5 million and agreed to limit ESG objectives in its portfolios while denying the allegations. $BLK $STT