Blackstone's Jon Gray says AI is Single Biggest Driver | Open Interest 4/23/2026

Watch on YouTube ↗  |  April 23, 2026 at 17:05  |  1:26:38  |  Bloomberg Markets
Speakers
Itay Michaeli — Crypto Journalist, The Block
Bill McDermott — CEO, ServiceNow
Gargi Chaudhuri — Head of iShares Investment Strategy, BlackRock
Jon Gray — President & COO, Blackstone
Andrew Slimmon — Senior Portfolio Manager, Morgan Stanley Investment Management
Benedikt Kammel — Editor/Reporter, Bloomberg (Germany)

Summary

The video covers market reactions to earnings from Tesla, American Airlines, American Express, and ServiceNow, with a focus on AI spending and geopolitical tensions in the Strait of Hormuz. Blackstone's Jon Gray highlights AI infrastructure as the biggest driver and predicts the best year ever for IPOs. Oil remains above $100, impacting airlines, while semiconductors continue their record rally.

  • Tesla plans to triple AI capex to $25 billion, leading to negative free cash flow and a stock drop.
  • American Airlines warns of $4B in extra fuel costs but expects to pass on price increases.
  • Blackstone's Jon Gray calls AI the biggest driver and expects record IPO year.
  • ServiceNow CEO Bill McDermott defends the stock's drop, calling it the best entry point.
  • Oil prices stay above $100 amid escalating Iran standoff.
  • Semiconductors have their longest winning streak since 1994.
  • Emerging markets gain appeal due to AI exposure.
  • Andrew Slimmon warns of narrow market breadth and speculative froth.
Trade Ideas
Itay Michaeli Crypto Journalist, The Block 15:27
Tesla has multiple upcoming catalysts.
Tesla's capex overhang is temporary; multiple catalysts including robotaxi expansion, FSD eyes-off, and EV demand rebound will drive upside.
TSLA HIGH
Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 26:08
TIPS hedge persistent oil inflation.
Add TIPS for inflation protection as oil-driven inflation persists.
TIP MED
Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 26:08
Commodities hedge oil inflation.
Commodities provide inflation protection in a high-oil environment.
DBC MED
Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 29:20
Securitized markets offer income.
Securitized markets (via an income bank) provide income in a portfolio.
MBB LOW
Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 29:37
EM provides AI exposure and diversification.
Emerging markets offer AI exposure (45% tech) and diversification beyond the US.
EEM MED
Jon Gray President & COO, Blackstone 76:27
Blackstone benefits from IPO boom.
Blackstone will have its best year ever for IPOs, benefiting from the AI infrastructure boom and a healthy economy.
BX MED
Bill McDermott CEO, ServiceNow 82:30
ServiceNow is a great entry point.
ServiceNow is the fastest-growing enterprise software company, AI is fully integrated, it beat and raised guidance, TAM expanded to $600B, and current price is the best entry point.
NOW HIGH
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This Bloomberg Markets video, published April 23, 2026, features Itay Michaeli, Gargi Chaudhuri, Jon Gray, Bill McDermott discussing TSLA, TIP, DBC, MBB, EEM, BX, NOW. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Itay Michaeli, Gargi Chaudhuri, Jon Gray, Bill McDermott  · Tickers: TSLA, TIP, DBC, MBB, EEM, BX, NOW