The Financial Post reports in its Friday edition that Blackstone president Jon Gray said investors don't need to fear that the boom in artificial intelligence will turn into a bubble. A Bloomberg dispatch to the Post says Mr. Gray made his comments just days after billionaire Ken Griffin said he fears the industry was "almost certainly" headed in that direction. "When you think about a bubble, you think about building capacity and then hoping the demand comes," Mr. Gray said in an interview with Bloomberg TV after the company reported its quarterly results. "With AI, you're building capacity, and you're hoping you can keep up with the demand." It's "a very different dynamic" from phenomena such as the 1990s telecom bubble, he said. Mr. Gray pointed to an AI consulting firm Blackstone created with Anthropic PBC called Ode. "We can't keep up with customer demand," he said. "Demand is almost parabolic." Mr. Gray, 56, is making AI the biggest bet of his career, having amassed a $200-billion (U.S.) data-centre empire and embedded AI into the hundreds of businesses Blackstone controls. With the massive amount of spending going into data centres, some investors have likened the exuberance over AI to the dot-com boom and bust.