Blackstone’s Schwarzman Says Data Center Business Not a Bubble

Blackstone Inc. Chief Executive Officer Steve Schwarzman brushed aside talk of a bubble surrounding the data centers powering artificial intelligence, saying the business is conservative.

In a CNBC interview Thursday, Schwarzman cast Blackstone’s role as one of a straightforward service provider to healthy businesses. The company builds data centers and signs long-term leases with credit-worthy partners like Nvidia Corp., he said.

“This is not bubble-type work,” Schwarzman said. “This is extremely conservative.”

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Blackstone is among the world’s largest owners of data-center providers. The $1.2 trillion alternative asset manager’s holdings ...