At the Blackstone 2025 CIO Symposium, CEO Jonathan D. Gray shared the risks they are watching — an important reminder that even when markets appear strong, cracks often start forming quietly.
Here are the key points:
1. AI valuations are rising rapidly
When data centers are being built just to chase the hype, it feels a lot like the dot-com bubble.
2. Governments are running 4–6% deficits
That debt means higher long-term interest rates and lower asset valuations.
3. Europe appears fragile
Weak tech exposure, heavy regulation, and increasing political instability.
4. US-China tensions
They continue to reshape supply chains — even without a full-blown crisis.
