Today’s announcement that a group of investors led by BlackRock has agreed to buy Aligned Data Centers in a $40 billion deal underscores the seemingly unstoppable flow of money into AI data centers—and comes as its CEO, Larry Fink, pushes back on AI bubble fears.

The deal to buy Aligned, which is is owned by Macquarie Asset Management, is being inked by the AI Infrastructure Partnership (AIP)—a coalition formed in September 2024 by BlackRock, its infrastructure arm Global Infrastructure Partners, as well as Microsoft , Nvidia , and MGX, an AI investment firm backed by Abu Dhabi’s sovereign wealth fund Mubadala. The Kuwait Investment Authority, xAI and Temasek joined as additional participants.

The AIP was formed to invest up to $30 billion of equity capital in AI, data centers and

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