Tony Kim: Tech sector has shifted from software-centric to compute-centric allocation
Tony Kim · BlackRock's Tony Kim on AI's Next Winners? Chips, Memory, Robotics & Quantum · Sourcery with Molly O'Shea · Jul 24, 2026 · at 4:23
Tony Kim, Head of Global Technology at BlackRock, analyzes macro themes and market capital reallocation in the technology industry at the RAISE Summit.
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“We went from a, let's call it a A software-centric world to a compute-centric world.”
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More from Tony Kim
Tony Kim: AI compute requires $10 trillion in CapEx over five years
“So this is the irony of it all, that we're, the trillion dollars of CapEx this year, and the 10 trillion over the next five years that are coming,
Is to move data centimeters and millimeters.
That's AI.”
Tech revenues are shifting from high-margin cloud to lower-margin AI compute
“Like, these, you must build these new data centers, because at some point, all of your revenue will become here, and this revenue over here in the old data center, that was asset light, high margin, is now moving to asset heavy, lower margin, big dollars, but …”
Tony Kim: Utility-scale, million-qubit quantum computers will arrive around 2030
“It's very interesting when you look at these long-dated technologies. All roads converge to 2030. It's like quantum computing, utility scale, logically error-corrected, million-qubit quantum computer, twenty-thirty.”
Tony Kim: Chip companies have higher profit margins than software or pharmaceuticals
“They have the highest profitability of any company in the world of the sector is chip companies. They're higher margins than software, pharmaceuticals, industrials, telecom, anything.”