Blackstone president calls for big-ticket tech deals to fund AI boom

Global technology companies will need to pursue more large-scale fundraising deals to finance the artificial intelligence (AI) industry's rapid expansion, as demand for computing infrastructure, data centres and energy continues to drive investment requirements, financial leaders said on Tuesday.

Speaking at the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit, Blackstone President Jon Gray said demand for computing power was significantly outpacing supply, creating opportunities for companies to raise capital to support the next phase of AI development.

"Now you're in an environment where the demand's running well ahead of supply," Gray said, pointing to what he described as "pretty extraordinary" demand for computing power.

He cited potential equity fundraising by major technology companies, including Meta, Google and Oracle, as well as possible public listings by SpaceX and Anthropic, as examples of the capital-raising activity that could help finance the industry's expansion.

"On top of it ... the data centers, the energy needs are enormous," he added.

The comments come as technology stocks globally face renewed pressure amid concerns over the scale of spending on AI infrastructure. Combined spending by major technology companies is expected to exceed $730 billion this year, up from approximately $700 billion.

Despite market volatility, Goldman Sachs Chief Executive David Solomon said companies with strong business fundamentals and credible growth prospects would continue to attract investment. However, he cautioned that the rapid expansion of the AI industry would also create risks for investors.

"But things will go wrong too, and we'll get things wrong," Solomon said at the summit.

"Investors will find situations where they pick wrong, where they lose money ... It's important to have a balanced, diversified view," he added.

Morgan Stanley Chief Executive Ted Pick also flagged early signs that US equity markets could be approaching a correction, noting that a majority of stocks in major indices had declined by nearly 10%.

Meanwhile, fundraising activity among Asia-Pacific technology companies has accelerated. The sector raised $125.8 billion in the first three quarters of 2026, more than three times the $36 billion recorded during the same period last year, according to LSEG data.

The increase was driven partly by a wave of semiconductor and AI-related transactions, including Chinese memory chipmaker CXMT's $9.8 billion initial public offering (IPO) and Enflame Technology's $910.6 million listing.

Major technology companies, including Alphabet, Amazon, Microsoft and Meta, have also indicated that their investments in AI infrastructure are unlikely to slow, reinforcing expectations of continued demand for external financing.

One of the largest financing arrangements linked to the AI infrastructure buildout emerged last week, when Blackstone agreed to provide $63 billion in financing alongside Bank of America, Citi and Morgan Stanley to acquire Broadcom's AI chips and networking equipment for Anthropic.

However, Gray cautioned that higher capital costs and growing investor scepticism could moderate the pace of investment.

"But the overall trend is towards greater investment and therefore more needs for multiple forms of capital," he said.

PIMCO Chief Executive Emanuel Roman also described AI financing transactions as attractive, indicating that the asset manager expected further opportunities in the sector.