Musk cites high costs as Grok Bot users hit usage limits
Some subscribers reported their weekly usage jumping from 50% to 100%. Musk said serving the AI product cost too much relative to revenue.
Blackstone's Gray expects more equity fundraising to meet AI demand
Jon Gray said computing demand was outstripping supply, reinforcing his confidence in AI infrastructure despite pressure on technology shares.
Blackstone President Jon Gray said on November 3 that growth in artificial intelligence would require additional equity fundraising worldwide, with most major technology companies expected to seek more capital.
Speaking in Hong Kong at the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit, Gray pointed to equity raising by Meta, Google and Oracle, alongside potential public listings by SpaceX and Anthropic, as examples of the financing he anticipated.
Gray also highlighted the scale of the industry's data center and energy requirements. He said his confidence in AI infrastructure reflected demand for computing capacity that was running substantially ahead of available supply.
His comments came against a backdrop of pressure on technology stocks globally in recent weeks, as concerns over AI spending prompted another round of selling.