Jon Gray, Blackstone’s president, expects demand for chips, data centers and computing power to drive major capital raises by technology companies. Meta, Google and Oracle are among the groups likely to tap equity markets, while SpaceX and Anthropic could also pursue initial public offerings, although neither has been confirmed. According to Gray, hyperscaler capital expenditure is projected to double to $820 billion, equivalent to roughly 2.5% of US GDP. His comments follow a period of technology stock sell-offs driven partly by concerns about the returns on AI investment. Blackstone continues to direct capital toward the data centers and energy infrastructure needed to support the expansion of artificial intelligence.
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