Jon Gray says impatience about AI returns is 'a little misplaced'
Jon Gray said that AI applications will take time to show up, and that Blackstone is invested across the AI ecosystem.
Jon Gray, the president of Blackstone, has stated that AI applications will take time to show up. Blackstone has invested across the AI ecosystem, and Gray believes the growth has a long way to run. Despite growing concern about the pace of AI development, Gray says the impatience is a little misplaced. He acknowledges the possibility of misallocations of capital, but believes that significant gains will come to AI investors who wait.
Blackstone, which is the world's largest data center investor, is heavily investing across the AI economy. The recent acquisitions of three hotels in San Francisco, considered the AI capital of the country, underscore the firm's commitment to the AI buildout. Gray describes AI as a new operating system for the global economy and emphasizes that Blackstone’s private equity portfolio growth, up 11% in the second quarter, is driven by investments in AI.
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