Blackstone: AI capacity bottlenecks boost value of its data centers

Blackstone told investors that power constraints and opposition to new data centers make existing facilities more valuable. Its infrastructure arm benefited from "extraordinary" data center leasing momentum, even as financing costs rose and CoreWeave shares fell.

• Blackstone calls data center leasing its highest-return business
• It lent billions to CoreWeave and Firmus, both hit by market turmoil
• Its $5B Google TPU cloud joint venture may need up to $25B
• Blackstone admits it doesn't know who will fund the full buildout