Blackstone president Jon Gray discusses new partnership with Anthropic

Summary

Jon Gray, president of Blackstone, discusses the company's new partnership with Anthropic to form an AI-native enterprise services firm aimed at deploying Claude into core business operations. He highlights the gap between powerful AI models and enterprise adoption, noting that LLM spending by portfolio companies surged 15x over the past year. Gray expresses confidence in long-term AI returns, citing efficiency gains and strong revenue/earnings growth at hyperscalers.

• Blackstone, Anthropic, Hellman & Friedman, and Goldman Sachs announced a new AI deployment company.
• The firm will help enterprises integrate Claude into marketing, compliance, financial reporting, and customer engagement.
• Jon Gray identifies AI diffusion as the biggest current issue in the technology industry.
• Gray notes that 275 companies are interested in using Anthropic's enterprise technology.
• LLM spending among Blackstone portfolio companies rose 15-fold over the past year from a low base.
• Hyperscalers recently reported 25% revenue growth and 60% earnings growth, reflecting efficient use of AI.
• Gray remains confident that AI will ultimately be highly beneficial despite enterprise inertia.
• The discussion touches on the debate over massive AI capex and the return on invested capital.