[President Blackstone refutes the AI foam theory: demand shows a "parabola" growth, which is essentially different from the telecom foam in the 1990s] BlockBeats news: On October 22, in the face of the growing fear of the AI foam on Wall Street, Jon Gray, president of Blackstone Group, gave a completely opposite view. He said that the current AI infrastructure construction is fundamentally different from the telecom industry foam in the 1990s. At that time, companies often expanded their production capacity on a large scale and waited for demand to emerge, while now companies are striving to build infrastructure to keep up with the rapidly growing real demand. Gray described the current AI demand as "parabolic growth" and revealed that Ode, an AI consulting firm co founded by Blackstone and Anthropic, is currently unable to meet customer needs. This is in sharp contrast to the pessimistic view of Ken Griffin, the founder of Castle Investment, "almost certainly in the AI foam" a few days ago. Blackstone is making AI its core investment direction, with a current investment scale of approximately $200 billion in the data center field, and extensively allocating capital to power, transmission facilities, and other supporting infrastructure. However, Gray also acknowledges that even if the demand truly exists, it does not mean that every investment can achieve ideal returns. At present, some cloud computing service providers specializing in AI, such as CoreWeave, are facing financing difficulties, although their main business performance is still acceptable. Gray pointed out that building a data center requires a huge upfront investment, and investors must weigh whether future cash flows can cover financing costs, as well as the asset depreciation risk brought about by technological iteration. The current foam debate, in essence, is to test whether the explosive demand of AI can ultimately be transformed into a sustainable and high cost commercial return.