Blackstone’s Gray Cites AI Build-Out as Top Driver for Firm (1)

Blackstone Inc. President Jon Gray said the build-out of artificial-intelligence infrastructure is the single-biggest driver for the company right now, as global demand for computing power outstrips supply.

“Eight of the top 10 investments for us in terms of performance in the quarter” were around data centers, liquid natural gas and battery storage, “and it’s really rippling through our firm,” Gray said Thursday in a Bloomberg Television interview. “It’s clearly the biggest driver for us today.”

Blackstone was an early backer of AI infrastructure, having bought data-center builder QTS in 2021. Since then, the company has ...