Blackstone is effectively an AI stock: it pivoted hard and early into AI, especially power and data center assets that are massively in the money from a carry perspective. If the AI boom carries on for the next few years, it should keep crushing other asset managers on results. x.com  x.com 

Blackstone is a forever holding because when markets go wrong, as they always eventually do, the company just gets stronger. That conviction holds even with the stock down 23.1% year to date. x.com 

Blackstone, KKR, Apollo, Ares and Carlyle face a re-pricing, not a correction, because AI capex is artificially inflating S&P 500 earnings. Hyperscaler capex becomes Nvidia revenue, whose profits make the index look healthy, but those are front-loaded accounting gains, not durable cash flows. When the capex cycle slows, the reversal hits everything downstream, including alternative managers and private credit. Per @Fiscal_ai, drawdowns already run from 33% at Carlyle to 46% at KKR and Ares. … Show more

Digital Realty's $3.5 billion Blackstone data center stake deal monetizes hyperscale capacity at peak demand rather than diluting shareholders, so the market's 5% selloff on the news is wrong. The AI power infrastructure trade remains structurally underowned. x.com 

CoreWeave looks positioned to be one of the biggest beneficiaries of years of demand for GPU computing at scale. It should be one of the most important players in the AI infrastructure buildout, with Jensen Huang and Nvidia deeply tied to it. At $50 a share, its debt load is not a concern; the stock could look like one of the best buying opportunities by decade-end. x.com  x.com 

Blackstone is now selling data-center loans as opaque CMBS, a self-reinforcing leverage dynamic reminiscent of the 1990s manufactured-home crisis. Per another investor, seven data centers have been packaged into one CMBS, fully occupied by four confidential investment-grade tenants and three small network carriers. Buyers may not scrutinize these securities closely, since the institutions creating them also manage the pensions. x.com  x.com 

Blackstone's $5B TPU cloud venture with Google looks like the lowest-risk play in AI data centers. Per The Transcript, the venture will bring 500MW of capacity online by 2027 to meet growing TPU demand. Partnering with the world's leading compute user leaves Blackstone the least dependent on outside customers, with the strongest-balance-sheet customer, and the unemployed use Google even more. x.com 

Blackstone's planned Google TPU cloud venture gives it early exposure to the neocloud opportunity, with far more upside than already optimistically priced neoclouds. Per WSJ, Blackstone will invest $5 billion as majority owner, with Google supplying TPUs, targeting 500 MW by 2027. The timing fits: inference should be 50% larger than training by 2030, with 45% of inference on ASICs versus 5% of training. As basic cloud commoditizes, advantage will come from proprietary hardware and power access. … Show more

KKR is badly mispriced after the alternative-asset rout, and its latest results show operations holding up despite the alternatives and credit overhang. Asset gathering, perpetual capital and fee margins are all moving the right way, and recurring fee-related earnings are doing the heavy lifting while monetization stays lumpy. x.com 

Colliers International looks interesting at 10x forward earnings for a decent business that AI is unlikely to disrupt notably on a horizon the stock can be judged on. Revenue is inflation-protected and recurring, and asset management and engineering, about half of earnings, are less subject to disruption. Executives have real skin in the game, insiders bought heavily this year and Durable Capital is a top-12 holder. CBRE may be a better pure play on commercial real estate. x.com  x.com