Blackstone exceeds profit estimates on AI growth

Blackstone, the world's largest alternative asset management firm, achieved higher-than-expected profits and assets in the second quarter, driven by gains from divesting investments and attracting new capital, along with significant investments in artificial intelligence. The company's assets grew to $1.35 trillion, and its distributable earnings increased by 26% to $1.52 per share, surpassing expectations. The firm also invested in data center and advertising technology sectors, betting on substantial growth for its platforms in these areas, with projections to double their size over the next two years, despite a 20% decline in its stock during the year. The CFO explained that liquidation revenues will slow temporarily but remain strong in the upcoming months, with expectations of more than a 10% growth in management fees in 2027, focusing on AI investments which now constitute the majority of its high-value investments.

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