Blackstone President and COO Jon Gray says that the power of AI is being underestimated and that AI is creating new revenue streams while speaking with Bloomberg News&#x27; Dani Burger. The interview comes as Blackstone reported a 26% jump in distributable earnings for the second quarter, buoyed by profits from exits and its artificial intelligence-related investments.<br>See omnystudio.com/listener for privacy information.

Blackstone President/COO Jon Gray Talks AI Power

Bloomberg Talks

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[SPEAKER_03] Blackstone joining a growing and increasingly long list of companies placing big bets on AI. It reported a 26% jump in earnings in the second quarter. I asked the company's president and COO, Jon Gray, how much of that jump was powered by AI.

[SPEAKER_00] Well, it definitely was a heck of a quarter, Danny. And 26% up in earnings on top of 25% last quarter. And it was definitely powered by that strategic decision we made to lean into AI and the AI ecosystem. It really started for us back in 2021 when we bought QTS, this big data center business. And it gave us a front row seat in terms of what's happening around AI.

[SPEAKER_00] And we made a strategic decision. Hey, we should lean in here, not just with data centers, but with neoclouds, large language models, electrical equipment, energy. And that decision is paying off and it's delivering for our clients, which is the most important thing. And what's also very exciting is we're not done here.

Blackstone President/COO Jon Gray Talks AI Power

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Blackstone President/COO Jon Gray Talks AI Power

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.