Blackstone’s Jon Gray Rebuts Ken Griffin’s AI Bubble Claim

Blackstone President Jon Gray said AI capacity is being built as demand grows, rebutting Ken Griffin’s claim that artificial intelligence is in a bubble and contrasting the buildout with the 1990s telecommunications bubble.

Gray framed the difference around timing. He described a bubble as a situation in which capacity is built first and demand is expected to follow. In AI, he said, capacity is being built while efforts are made to keep pace with customer demand.

“On AI, you’re building capacity while hoping you can keep up with demand,” Gray said. He described customer demand as growing nearly parabolically and said, “We simply can’t keep up with customer demand.”

Gray pointed to Ode, an AI consultancy formed by Blackstone and Anthropic, while discussing the demand he said was outpacing capacity. His latest comments extend his earlier argument that AI demand is outpacing supply.