Blackstone poured ~$100B into data centers this year, telling investors this is not the dot-com bubble
JOBhakdi · x · 2026-09-22
Blackstone president Jon Gray presented numbers to investors arguing the 2026 AI infrastructure boom differs fundamentally from the 2000 dot-com bubble:
- Blackstone deployed nearly $100 billion into data centers this year alone, adding 6GW of new capacity, with tenants expected to layer on another $200 billion in chips
- Hyperscaler capex from five companies hit $415 billion last year and doubled to $820 billion this year — about 2.5% of US GDP
- Gray contrasted today's valuations with 2000: SK Hynix trades at a 4x P/E, nothing like Cisco at the peak
The presentation is the world's largest alternative asset manager publicly backing AI compute demand as a durable, fundamentals-driven bet.
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