Warren wants answers on BlackRock's data center deals

Washington is asking about Wall Street’s data center deals.
The big money got there first.

Axios reported that Senator Elizabeth Warren is asking BlackRock, Blackstone, Brookfield and KKR about their data center deals.

That caught my eye. When Washington starts poking around a trend, the big money has usually already moved.

Here the trend is plain. AI needs data centers, power, land and financing, and institutional investors have been moving into that buildout first.

Chief Investment Strategist Alexander Green says a little-known fund sits near the center of it. Trump has reportedly put up to $25 million of his own money into it, and ordinary Americans can learn how to access it for around $15.

For years, investments like the ones in this fund were effectively reserved for the rich. Then Executive Order 14330 was signed.

I’d look at this before the story gets loud.

Watch Alexander Green’s ASI Fund briefing >>

THE WEEK IN BRIEF

Last week money left the AI trade for small caps and oil. IWM gained 2.0% while QQQ slipped 0.8% and SPY 0.4%, the S&P 500’s second straight weekly loss (AP), and the Dow posted its third straight weekly gain (Reuters).

1 · IWM +2.0% wk · 270.44 to 275.75 at Friday’s close; value beat growth for a third straight week (T. Rowe Price).

2 · SOXX −3.1% wk · 493.39 to 478.20; Thursday’s 6.7% drop in the chip index was its worst day since June 23 (Reuters).

3 · XLE +1.6% wk · 68.24 to 69.33; Brent settled at $116.72 Friday, up about 6% on the week (Reuters).

HEADLINE OF THE WEEK

The next round of AI building gets paid for in stock, and chip names took the hit.

Reuters · Oct 22, 2026

Meta fell 7% Thursday after its first cash outflow in more than a decade (third-quarter FCF of negative $2.12 billion) and a plan to issue non-voting shares to fund AI spending. The chip index lost 6.7% that day and sits more than 26% below its June 22 record. Blackstone rose 8.4% after saying wider spreads on AI debt let it lock in higher returns.

Who’s exposed: AI builders that need outside money. CoreWeave fell 10% and Nebius 7% Thursday, and chip suppliers ride the same spending budgets.

Next: Monday: Verizon reports before the open (call 8:30 AM ET) and Treasury sells 2-year notes at 1:00 PM ET. Wednesday: Fed decision at 2:00 PM ET, then Microsoft and Alphabet after the close. Thursday: Q3 GDP and PCE at 8:30 AM ET.

Wrong if: SOXX gets back above Wednesday’s $510 close after Microsoft and Alphabet report. That would make Thursday a spending scare that passed.

Jeff Brown names the Elon Musk-backed startup he expects to be Wall Street’s next big IPO (From Brownstone Research)

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Signal over noise. Monday’s first tells: chips against Thursday’s close, and Verizon’s 8:30 AM ET call.