The world's largest asset management company, BlackRock, released a research report titled "Machine Native Economy," suggesting that computing power is becoming an investable resource. In the future, digital contracts could represent established rights to use computing power, which can be transferred, financed, or used as collateral on programmable infrastructure.

The report identifies three overlaps between artificial intelligence and digital assets: payments between agents, the invocation of tokenized financial assets, and the computing power market. Revenue from cloud giants is used as a scale proxy, estimating that Amazon Web Services, Microsoft Azure, and Google Cloud will collectively reach about $1.1 trillion by 2030, with a compound annual growth rate of about 29% relative to 2025. The adjusted trading volume of stablecoins is cited to exceed $11 trillion by 2025.

BlackRock noted that standardized products may include tradable computing power futures, facilitating hedging of prices and availability for both supply and demand sides; agents can automatically select and settle based on price, performance, latency, location, and hardware inventory. The report views GPU mortgage loans as an early form of financialization of infrastructure, specifically mentioning Stripe's acquisition of model routing company OpenRouter as a signal of integrating computing power allocation into financial pipelines.

This aligns with the company's existing tokenized products: on-chain money market BUIDL, proposed tokenized money market shares, Aladdin's access to synthetic dollar liquidity, and the data center platform promoted with Microsoft and MGX, with an initial target of about $30 billion, potentially leveraged or expanded to about $100 billion. NVIDIA has signed memorandums of understanding with BlackRock, Blackstone, Apollo, KKR, Goldman Sachs, and Brookfield to treat AI factory-level computing power as a financeable long-term asset, with third-party capital potential exceeding $500 billion.

The report also emphasizes that tokenization does not exempt qualified investors, customer due diligence, and anti-money laundering, with compliance being independent of the on-chain ledger. This is a research outlook, not an announcement of issuing computing power tokens.

The market mechanism is to rewrite the scarcity of training and inference durations from cloud billing into rights certificates that can be pledged and hedged. Buyers are model companies and agent networks looking to lock in future machine hours, while sellers are large-scale clouds and infrastructure funds holding cabinets, power, and chips. The event-driven aspect comes from the release of the white paper. Beneficiaries are asset managers and chip manufacturers that can already securitize machine hours, while those under pressure are decentralized computing nodes that can only rent by the hour and cannot enter the collateral pool. Funding will shift from subscription cloud fees to pre-sold capacity and futures margins.

Source: Public Information