BLACKSTONE JUST TOLD ITS INVESTORS THIS IS NOT THE DOT-COM BUBBLE. Jon Gray runs the largest alternative asset manager on earth. He just showed the room the exact number that separates 2026 from 2000. And it is not close. Blackstone deployed almost $100 billion into data centers this year alone. Six gigawatts of new capacity. Their tenants will add another $200 billion in chips on top of that. Blackstone did not do this because they were guessing. "hyperscaler capex, five companies, $415 billion last year. that number has doubled this year to $820 billion. that's equal to 2.5% of the GDP of the United States" "SK Hynix today trades at a four P/E multiple. it is not 2000 when Cisco was trading at 150 times earnings" Then he showed the cost of building one AI factory: "$55 billion for a gigawatt" "the beef is the return on investment" bookmark & watch the moments worth watching twice ↓