Blackstone President Rejects AI Bubble Claims as Demand Surges

According to Bloomberg, Jon Gray, president of Blackstone, has pushed back against billionaire Ken Griffin's recent claim that AI is a bubble. Gray believes the supply and demand picture in AI today is fundamentally different from past bubbles.

Gray explained that a typical bubble means building capacity first and waiting for demand to show up. In AI, he said, capacity is always racing to catch up with demand. He pointed to Ode, an AI consulting firm set up by Blackstone and Anthropic, saying client demand is growing at a near-parabolic pace and the firm can barely keep up.

He also noted that today's AI demand looks nothing like the telecom bubble of the 1990s. As one of the world's largest asset managers, Blackstone's view offers another angle in the debate over whether AI investment is overheating.