$BX Blackstone COO Jon Gray: The current AI buildout differs from past infrastructure bubbles because demand is already ahead of supply. “Back then they were building supply on a highly leveraged basis ahead of the demand, very similar to what we saw with telecom infrastructure. They were anticipating what's to come. And of course, it didn't turn out well. Today we're seeing something much different. The demand is running well ahead of supply. Much of what is contracted, be it the energy or the data centers, is with companies who are very lowly leveraged as well. It doesn't mean there aren't going to be things that go poorly, but I think it is a different dynamic. We're going to continue to keep our eyes on this as we're deploying your capital