Blackstone’s Jon Gray pushes back on AI bubble warnings as Griffin sounds the alarm

The Blackstone president argues demand for computing power still outruns supply, days after Ken Griffin said investors are almost certainly in a bubble Blackstone Inc. President Jon Gray is rejecting the idea that artificial intelligence has become a bubble, days after Citadel founder Ken Griffin said investors are “almost certainly” in the middle of one. Gray has argued that demand for computing power, driven by increasingly capable AI models, is running well ahead of the infrastructure available to meet it. In a September 4, 2026 interview with Les Echos Capital Finance , he said demand for compute exceeds supply by a significant margin, framing that gap as the key difference between the AI buildout and classic speculative manias.

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