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

Two of Wall Street’s most powerful voices are looking at the same AI boom and seeing very different things. Blackstone President Jon Gray is rejecting the idea that artificial intelligence has become a bubble. His pushback came just days after Citadel founder Ken Griffin said investors are “almost certainly” in the middle of one. Gray’s case: too much demand, not enough supply Gray’s argument rests on a simple imbalance. He has said the appetite 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, Gray said demand for compute exceeds supply by a significant margin. He framed that gap as the key difference between today’s AI buildout and classic speculative manias. He also pointed to the scale of spending by the biggest cloud and tech companies, known as hyperscalers. In a September 2026 investor presentation, Gray said hyperscaler capital expenditures doubled to $820 billion, a figure equal to approximately 2.5% of US GDP. Griffin’s counterpoint: watch the GPUs Griffin sees the same spending and draws a darker conclusion. Speaking at the Futur...