[Blackstone President Jon Gray: Full of Confidence in the AI ​​Infrastructure Track, Computing Power Demand Far Exceeds Supply] On November 3rd, Blackstone President and Chief Operating Officer Jon Gray attended the International Financial Leaders Investment Summit in Hong Kong and said that the AI ​​model-related expenditures of Blackstone-invested companies have increased 20 times in the past year. The core reason driving companies to continue to increase their investment in AI is that AI applications such as content creation, customer interaction, and code writing have been implemented and generated real financial benefits. JonGray said that he has full confidence in the AI ​​infrastructure track. The underlying logic comes from the basic law of supply and demand, and the current demand for computing power is very strong. Comparing the telecommunications boom in the late 1990s, he pointed out that the industry model at that time was to build supply first and wait for demand to follow; but the current AI market is completely the opposite, with demand significantly outperforming supply, which makes him particularly confident in the development of AI.