Economy / Markets
Blackstone says AI debt jitters are not a 2008 rerun
Blackstone's AI chief Jas Khaira said recent stress in AI infrastructure credit reflects rising rates, hotter inflation and wider spreads rather than fragile lenders, arguing most data-centre debt sits behind hyperscalers with investment-grade balance sheets. CoreWeave shares fell more than 20% in recent days with debt near $50 billion, and Firmus scrapped a planned Australian listing at a roughly $30 billion valuation. Blackstone, with $1.3 trillion in assets, lent CoreWeave $2.3 billion in 2023 against GPUs and contracts. Khaira said returns on AI adoption remain uneven.