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On their earnings calls earlier in the week, Meta Platforms and SpaceX delivered the same underlying message to investors: demand for AI is running ahead of the supply of AI compute. On Thursday, another important player in the AI ecosystem—Blackstone, the alternative asset management giant—repeated a version of that refrain.

On its own earnings call, the firm, a major investor at the center of the AI data center boom, faced pointed questions from analysts about rising financing costs and mounting investor concerns over the sustainability of the buildout. Its executives argued that the very factors threatening the AI industry’s expansion could actually work in Blackstone’s favor. CEO Steve Schwarzman noted that constraints on power availability and growing public opposition to new data centers are making it harder to bring new capacity online, potentially making existing facilities more valuable.…