Core Viewpoint - Blackstone's President and COO Jon Gray emphasizes that the current market situation cannot be simply equated with the internet bubble era, highlighting differences in valuation metrics between companies like Cisco and Nvidia [1] Group 1: Market Valuation Comparisons - Gray points out that Cisco's peak price-to-earnings (P/E) ratio exceeded 100, while Nvidia's current P/E ratio is approximately 43, indicating a more cautious market environment today [1] - He notes that the "imagination space" for growth was significantly higher during the internet bubble compared to the current situation with Nvidia [1] Group 2: Market Sentiment and Risks - Gray warns that if the current market trends continue for another five years, it could lead to unrealistic expectations, akin to believing "trees can grow to the sky," which poses a long-term risk [1] - He observes that the prevailing negative sentiment across various sectors, including private credit and AI, may help prevent the situation from spiraling out of control [1]
黑石总裁：目前AI市场情况不同于互联网泡沫时期
Ge Long Hui·2026-02-09 02:22