BlackRock, Inc.

BlackRock reports 'Technology services and subscription revenue' of $377M on total revenue of $4,728M (8.0% of revenue). This line includes Aladdin, Aladdin Wealth, eFront, and Cachematrix — platforms that are primarily traditional risk management, portfolio analytics, compliance, and cash management tools. Aladdin originated in 1988 and is fundamentally a risk/portfolio management system. While Aladdin incorporates ML models for risk analytics, factor modeling, and scenario generation, these AI/ML features are embedded enhancements to a predominantly non-AI platform. BlackRock does not disclose any AI-specific revenue figure. Conservatively estimating ~15% of technology services revenue as attributable to modern AI/ML capabilities (risk models using ML, AI-enhanced analytics features): $377M × 15% = ~$57M. AI % of total revenue: $57M / $4,728M = 1.2%. This excludes any potential AI contribution from systematic/quant advisory fees, which cannot be isolated from the $3,778M investment advisory line.