저자: 미상 · 외국인
요약 보기
래리 핑크(블랙록)가 AI는 버블이 아니라 인프라 투자라고 말했다는 전제 아래, 블랙록이 보유·확대 중인 AI 관련주 3종(AppLovin, Palantir, Cisco)을 소개. AppLovin은 2025년 3분기 매출 14.1억달러(+68%), EBITDA 마진 82%를 근거로 제시. Palantir는 매출 성장 63%, 영업이익률 50% 이상을 근거로 제시. Cisco는 AI 주문 13억달러, 회계연도 AI 매출 목표 약 30억달러를 근거로 제시. 세 종목 모두 블랙록 보유 규모를 강조하며 '실적 기반 AI 승자'로 포지셔닝.
다듬은 글
I don't think there's any uncertainty about AI. There's no question of hundreds of billions of dollars is needed to build this out. The capex is going to drive more global growth. How that is going to be dispersed and where it's going to be is going to be really dependent on each and every government.
But I'm I I sincerely believe there is no bubble in the AI space. That being said, like in everything else in capitalism, there's going to be some big failures. Okay, we always see a rotation and there's going to be some huge winners and some losers. But do I believe that needed capital to build out AI is one of the great opportunities for the world to come.
And you think about the hundreds of billions of dollars of infrastructure that's necessary. Most investors today are stuck in the same emotional loop. Fear of a market crash, fear of an AI bubble, fear that history is about to repeat itself. Every pullback is treated like the beginning of the end. Every AI stock is labeled too expensive and every rally is dismissed as unsustainable.
But at Davos, BlackRock CEO Larry Fink delivered a message that directly challenges this mindset and it wasn't theoretical, it was capital-backed. Fink made it clear, AI is not a bubble, it's an infrastructure buildout. Unlike past speculative cycles driven by hype, this one is being fueled by hundreds of billions of dollars in real capital expenditure, data centers, networking equipment, power grids, security layers.
These aren't optional, they are mandatory if AI is going to scale. And while Fink openly acknowledged that capitalism always produces losers, he was equally clear that the winners of this cycle will be enormous. BlackRock isn't debating this thesis, it's acting on it. With around $14 trillion in assets under management, BlackRock is the world's largest asset manager and it's aggressively positioning its portfolios toward companies that sit at the core of the AI buildout, not hype plays, not experiments, but businesses with revenue, margins, scale, and execution.
So today we're breaking down three AI stocks that BlackRock isn't just holding, but actively adding to. These are companies that fit Larry Fink's definition of long-term AI winners, even in a volatile market. First on the list and arguably the most misunderstood is AppLovin, ticker symbol APP. While many investors see volatility and short reports, BlackRock sees something very different, a high-margin AI-driven advertising engine that's compounding in real time.
In fact, BlackRock now owns nearly 25 million shares worth about $18 billion and recently increased its position by over 31%, signaling strong conviction through market noise. At its core, AppLovin operates a performance-based advertising platform powered by its Axon AI recommendation engine. This isn't experimental AI or speculative tech.
Axon is already optimizing billions of ad impressions every day using machine learning models that continuously improve conversion rates and return on ad spend for advertisers. That's why the financials are so striking. In Q3, AppLovin reported $1.41 billion in revenue, representing 68% year-over-year growth, while adjusted EBITDA came in at $1.16 billion, translating to an extraordinary 82% EBITDA margin.
Very few software or ad tech companies operate at that level of profitability while still growing at scale. This is execution, not hype. What's driving the next leg is expansion beyond mobile gaming into e-commerce. The launch of AppLovin's self-service platform in October opened the door to a significantly larger total addressable market, allowing non-gaming advertisers to tap into Axon's AI-driven targeting.
Management has been clear, this isn't a pivot, it's an expansion layered on top of an already dominant gaming ecosystem. Looking ahead, AppLovin is also rolling out generative AI tools designed to automate ad creation. If successful, this could materially improve advertiser efficiency and further deepen platform lock-in.
Analysts now project sustained 20% plus growth and despite a rich headline valuation, the company trades at a PEG ratio below one. This is exactly what Larry Fink meant when he said, AI will produce winners and losers. AppLovin isn't priced like a speculative idea, it's priced like a business that's delivering and BlackRock isn't trimming into strength, it's buying into volatility.
Next on the list is Palantir Technologies, ticker symbol PLTR. And this is where Larry Fink's AI bifurcation thesis becomes crystal clear. In a market where traditional SaaS names are being punished, Palantir continues to stand apart as AI infrastructure rather than AI disruptable software. BlackRock clearly agrees, owning nearly 189 million shares valued at more than $34 billion and recently increasing its stake again.
Palantir's strength lies in its artificial intelligence platform or AIP, which sits at the core of enterprise and government operations. AIP doesn't just analyze data, it turns real-time data streams into simulations, decisions, and automated workflows. This is production AI already deployed at scale.
Financially, the execution is undeniable. In Q3, Palantir delivered its ninth consecutive quarter of revenue acceleration with revenue growing 63% year-over-year. Operating margins exceeded 50% while US commercial revenue surged 121%, now representing more than a third of total revenue. What makes Palantir especially compelling right now is its positioning in the shift from AI training to AI inference.
Industry forecasts expect inference workloads to account for over 40% of data center demand by 2030, growing at a 35% CAGR. As AI moves into production, complexity explodes and that's where Palantir's ontology, AIP bootcamps, and new agentic tools like AI FDE and AI Hivemind come in. Yes, Palantir trades at a premium valuation and expectations are high, but valuation alone doesn't explain why analysts keep revising revenue higher, why remaining performance obligations and total contract value continue to accelerate, or why Palantir has now logged 10 consecutive quarters of beats or acceleration.
This is exactly the kind of company Larry Fink described, not immune to volatility, but structurally positioned as a long-term AI winner. BlackRock isn't chasing sentiment here, it's backing execution, visibility, and infrastructure-level relevance. The third stock completes the picture, Cisco Systems, ticker symbol CSCO, the quiet heavyweight of BlackRock's AI infrastructure strategy.
While many investors still see Cisco as a legacy networking company, BlackRock clearly doesn't. The firm owns over 376 million shares worth nearly $26 billion and continues to add. Cisco sits at the foundation layer of the AI buildout. As Larry Fink emphasized, AI isn't just about chips and models, it's about networks, data movement, power efficiency, and security.
AI workloads generate exponentially more traffic than traditional applications, especially as inference moves closer to the edge. In its most recent quarter, Cisco reported 15% year-over-year growth in its networking segment. Cisco orders up 13% driven by AI demand and a large-scale campus refresh cycle.
Importantly, Cisco disclosed $1.3 billion in AI-related orders in a single quarter and is guiding toward $4 billion in AI orders and roughly $3 billion in AI-driven revenue for fiscal 2026. That AI revenue is still a small slice of the every $1.58 billion annual revenue base, but that's precisely why the setup is compelling.
AI is becoming a growth accelerator layered on top of a massive cash-generating core business, not a dependency. Security is the second underappreciated lever. Cisco's $28 billion acquisition of Splunk repositioned the company for an AI world where security must travel with data in real time. While reported security revenue dipped temporarily due to a shift from on-premise licenses to cloud subscriptions, recurring ARR and backlog are growing at double-digit rates.
Today, 54% of Cisco's revenue is subscription-based, giving it a far more stable earnings profile than most investors realize. Margins have compressed as Cisco invests aggressively and competes with Nvidia and Arista, but free cash flow remains strong. The dividend yield sits near 2% and the stock trades at a forward PE below 1.
Cisco doesn't need an AI bubble to win, it just needs AI to keep growing and BlackRock is clearly betting that it will. Larry Fink's message is simple, but powerful. Ignore the noise, focus on the buildout. AI isn't a trade, it's a transformation. And while not every company will survive, the winners will define the next decade of growth.
AppLovin represents AI-driven monetization, Palantir represents AI orchestration, and Cisco represents AI infrastructure at scale. Three very different businesses, all aligned with the same structural trend and all backed by the world's largest asset manager. This isn't about chasing hype, it's about positioning alongside capital, conviction, and execution. And that's exactly what BlackRock is doing.
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