Key Takeaways
- • Blackstone President Jon Gray said on Tuesday, November 3, 2026, that global equity fundraising will need to increase to keep pace with the likely enormous demand generated by AI industry growth.
- • Gray named Meta, Google, and Oracle as major tech companies expected to raise equity, and cited pending public listings by SpaceX and Anthropic as further capital-raising activity.
- • Gray said demand for computing power is running well ahead of supply, giving him high conviction and confidence in AI infrastructure investment.
- • Gray flagged data center and energy requirements as a major driver of future capital needs.
- • The outlook comes as tech stocks globally have come under pressure in recent weeks on growing concerns about AI spending, which have triggered a new wave of selloffs.
Summary
Blackstone President Jon Gray said on Tuesday that the technology sector will need to raise substantially more global equity capital to meet the enormous demand expected from the growth of the artificial intelligence industry, according to Reuters. Speaking at the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit, Gray said most of the major technology companies were expected to raise additional capital.
Gray specifically cited Meta, Google, and Oracle as companies raising equity, and pointed to planned public offerings by SpaceX and Anthropic as further examples of capital formation tied to the sector's expansion. He also stressed that data center construction and energy requirements are creating substantial additional capital needs.
Gray said he has a high degree of conviction and confidence in AI infrastructure, citing what he described as "pretty extraordinary" demand for computing power. "Now you're in an environment where the demand's running well ahead of supply," he said, adding that this gives him considerable comfort.
The remarks come at a time of volatility in technology markets. Reuters reported that tech stocks globally have been under pressure in recent weeks as growing concerns about AI spending have triggered a new wave of selloffs. Gray's comments offer a view from one of the largest alternative asset managers that underlying demand for AI infrastructure remains strong despite these market concerns.
Gray specifically cited Meta, Google, and Oracle as companies raising equity, and pointed to planned public offerings by SpaceX and Anthropic as further examples of capital formation tied to the sector's expansion. He also stressed that data center construction and energy requirements are creating substantial additional capital needs.
Gray said he has a high degree of conviction and confidence in AI infrastructure, citing what he described as "pretty extraordinary" demand for computing power. "Now you're in an environment where the demand's running well ahead of supply," he said, adding that this gives him considerable comfort.
The remarks come at a time of volatility in technology markets. Reuters reported that tech stocks globally have been under pressure in recent weeks as growing concerns about AI spending have triggered a new wave of selloffs. Gray's comments offer a view from one of the largest alternative asset managers that underlying demand for AI infrastructure remains strong despite these market concerns.
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