'I don't believe there is an AI bubble. China will win if we don't invest in AI,' says BlackRock CEO Larry Fink

• Larry Fink says there is no AI bubble and urges investment to compete with China
• AI crucial for boosting productivity and economic growth, especially in India
• Fink encourages young Indians to believe in and grow with their country

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BlackRock chief executive officer Larry Fink dismissed fears of an artificial intelligence (AI) bubble, arguing that underinvestment in the technology carries greater risks even as investors debate whether the trillions of dollars pouring into AI will deliver commensurate returns. Speaking at a JioBlackRock event in Mumbai alongside Reliance Industries chairman Mukesh Ambani, Fink warned that "the greatest risk is that if we don't invest in AI, China will win."

"AI is among the most topical conversations we are having now because it is the most disruptive. AI is going to allow more discovery. The key for AI to be successful is that we need AI to expand and broaden economic success," Fink said on February 4.

"In so many developed economies there are so many deficits. Can AI increase productivity and if so can we increase GDP with a diminishing population, that's going to be the question. I believe that is going to be a profound yes. India is at the nexus of this," added Fink.

Ambani weighed on the AI issue and said "AI is real and it is hugely advantageous in India POV".

"India is more accepting of technologies than many of the developed countries. It was a wonder to watch the digitisation of the rupee. And so to me, AI is going to be a powerful growth engine in the world," added Fink.

Fink said he has a message for young Indians, "Believe in your own country, grow with your country."

"We want to invest with the people who have ambition, who have the guts to do things that, that break the mold and that changes society like Mr Ambani," Fink further said.