Blackstone Schwarzman Warns: “America Has a Power Problem”
Blackstone CEO Stephen Schwarzman is sounding the alarm on America’s outdated electric grid. Despite the U.S. attracting 80% to 85% of all global investments, he said the country’s power infrastructure has barely improved in two decades.
“Now with the explosion of data centers, electricity demand will grow at least 4% to 5% annually,” Schwarzman said. “With only a 15% reserve margin, that balance can tip quickly — and not in a good way.”
He stressed that the energy shortfall is a serious national challenge, one that needs urgent attention — and massive capital. “At Blackstone, we’re the largest developer and owner of data centers in the world. We see what’s coming. There just isn’t enough money to solve this problem without offering very high returns,” he added.
Meanwhile, Qualcomm CEO Cristiano Amon echoed the growing link between AI and infrastructure demand. Following a strong earnings day that sent QCOM shares up more than 11%, Amon unveiled two new chips aimed at fueling the multibillion-dollar data-center buildout.
He described AI as a “new form of software” that will transform every computing device — from smartphones and PCs to vehicles and industrial systems. “Companies that can connect deeply with consumers and understand human intentions — that’s where the next big opportunity lies,” Amon said, pointing to “agentic” AI experiences for enterprises as the next frontier.
AI’s economic pull also surfaced in a broader market discussion. BlackRock CEO Larry Fink noted that while money briefly shifted from the U.S. dollar to Europe earlier this year, funds have since returned.
“There’s still a deep belief in U.S. opportunity,” Fink said, crediting AI-driven investment as the key reason. “Most global investors remain heavily overweight in the U.S., and that’s where you’ll want to stay for the next 18 months.”
But Fink also cautioned that the AI hype is overshadowing another revolution — the digitization and tokenization of financial assets. “We’re not talking enough about how fast we’ll tokenize every financial instrument and move ETFs and other assets through digital wallets. It’s coming worldwide, and most countries are not ready,” he warned.
Finally, Goldman Sachs CEO David Solomon shared a note of confidence in the U.S. economy and its role as the epicenter of technological innovation. He contrasted that optimism with the motivation behind alternative assets:
“Cryptocurrencies and gold are assets of fear,” Solomon said. “You buy them when you’re worried — about inflation, financial stability, or even physical security. They’re a hedge against optimism.”
