According to CoinMeta, Blackstone COO Jon Gray indicates that the current AI construction is different from past infrastructure bubbles, as demand has now surpassed supply. He pointed out that previous constructions were based on high leverage to meet demand in advance, similar to the situation with telecommunications infrastructure, but they ultimately were not as successful as expected. Today, demand far exceeds supply, and many contracts involving energy or data centers are signed with companies that have low leverage. He believes that although problems may arise in the future, the current dynamics are different, and Blackstone will continue to focus on investments in this area.