Blackstone’s Jas Khaira says fears over AI-buildout debt are overblown

At TechCrunch Disrupt, Blackstone's Jas Khaira said concerns that AI infrastructure debt could trigger a credit crisis are overblown, arguing that most data center debt is ultimately backed by hyperscalers. He described Blackstone's compute financing model, including its 2023 $2.3 billion loan to CoreWeave, and acknowledged rising credit spreads and market jitters, noting CoreWeave's shares fell over 20% and Firmus scrapped its planned IPO. Khaira also discussed Blackstone's $1.5 billion "Ode with Anthropic" joint venture and said AI returns across its portfolio are "uneven."