Blackstone president calls for more equity to fund AI buildout as debt risks mount

Blackstone President Jon Gray said the massive AI infrastructure buildout will require more equity financing as debt investors face mounting concentration risks from the sector's enormous spending plans. Gray's comments come as hyperscalers and AI companies commit hundreds of billions of dollars to data centers, chips, and power capacity, raising concerns that debt-heavy funding structures could leave lenders overexposed to a single theme. The remarks matter because Blackstone, one of the world's largest alternative asset managers, sits at the center of AI-related data center financing, and Gray's call signals that private equity and credit players see equity — not leverage — as the safer path for funding the buildout. Watch for how asset managers structure new AI infrastructure funds, whether debt markets tighten terms for data center borrowers, and any further warnings from major financiers about concentration risk in AI-related credit.