Blackstone’s Schwarzman warns on AI exuberance as earnings rise on selective bets

Blackstone posted strong Q2 results with distributable earnings of $2 billion ($1.52 per share), up 26% year over year, driven by AI investments and strategic deals. CEO Stephen Schwarzman said the firm has been selective in the AI infrastructure boom to manage risk and monitor for excess exuberance, while highlighting major AI plays including a $35 billion Broadcom/Apollo platform and an AI cloud venture with Alphabet.