Blackstone President and COO: There is still significant growth potential in data center demand
Jonathan Gray, President and Chief Operating Officer of Blackstone, stated that despite challenges from tariff policies and chip export restrictions, there is still significant growth potential for data center demand. He believes that the AI sector experiences substantial growth every year, even though there is uncertainty in the market regarding economic recession and trade barriers. Gray emphasized that electricity demand is a key limiting factor in the technological revolution, and both the government and large companies have recognized this, expecting related investments to come
Despite the threat posed by U.S. President Trump's tariff policy to the artificial intelligence boom, Blackstone President and COO Jonathan Gray believes there is still significant growth potential for data centers.
In an interview with the media on Monday, Gray stated:
"I think this trend is very strong and will continue. The chip export restrictions have indeed slightly slowed the pace. Overall, we still see a lot of demand."
"I think it's a bit like we have a wall in front of us. We have forgotten that there is a powerful technological revolution ahead."
After Trump announced reciprocal tariffs in early April, large U.S. tech stocks faced pressure for a time, but have since rebounded, especially after Meta and Microsoft released strong quarterly earnings last week. These earnings have bolstered investor confidence in the sustainability of AI trades, despite ongoing concerns about a U.S. economic recession and global trade barriers.
Although Gray emphasized that AI is still in the "early stages," he sees significant growth in this field every year. Gray quoted Meta CEO Mark Zuckerberg from last week, saying, "The development of AI is astonishing, and we deeply agree with that."
Gray also mentioned that while the growth of data centers creates huge electricity demand, he believes this demand can be met, emphasizing the need to consider all sources of electricity, including renewable energy and natural gas.
When discussing electricity demand, he pointed out: "This is a global issue, and constraints exist everywhere. Large companies have recognized this, and related investments are expected to come. More importantly, the government is also aware of this, so electricity is a key limiting factor in this technological revolution."
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