“PE巨头”黑石总裁：华尔街低估了AI的颠覆性，现在投项目首先评估“颠覆风险"

Core Viewpoint - Wall Street is underestimating the disruptive potential of AI on traditional business models and market structures, as highlighted by Blackstone's president Jonathan Gray [1][4]. Group 1: AI Disruption Risks - Blackstone has elevated AI risk assessment to the highest priority in investment decisions, requiring all deal teams to address AI impacts in investment memorandums [2][3]. - Gray emphasized that rule-based industries such as law, accounting, transaction processing, and claims processing will face profound disruptions due to AI [2][4]. - The company has decided against acquiring software and call center companies that are seen as vulnerable to AI risks [2][3]. Group 2: Investment Strategy Adjustments - Despite assessing AI risks, Blackstone's private credit business has provided billions in loans to enterprise software companies that may lose clients to AI-driven competitors [4][5]. - Blackstone is actively positioning itself to capitalize on AI opportunities, investing heavily in utility companies that power data centers and repositioning industrial portfolio companies to sell products to AI infrastructure providers [4][5]. Group 3: Economic Impact of AI - Gray acknowledged that while AI may cause negative economic disruptions, it could also yield underestimated productivity gains for large enterprises and create trillions in new wealth [5]. - He urged deal teams not to overlook AI-related opportunities, stating that AI's impact must be a primary topic in discussions [5].