Blackstone President Rebuts AI Bubble Talk: Demand Is Growing 'Parabolically'

October 22 — Blackstone President Jon Gray rebutted billionaire Ken Griffin's claim made a few days earlier that there is a bubble in artificial intelligence (AI). Gray said Thursday: "When you think of a bubble, you think of building capacity and then hoping demand shows up. In AI, you're building capacity and hoping you can keep up with demand."

Jon Gray noted that this is "a very different situation" from phenomena such as the telecommunications bubble of the 1990s, citing Ode, the AI consulting company jointly established by Blackstone and Anthropic. "We simply can't keep up with client demand," he said. "Demand growth is almost parabolic."