BX @ Morgan Stanley US Financials Conference earlier:
Net/net:
- Narrative got more confident from April → June.
- Less defensive posture, more “we are already winning from this cycle.”
Tone very consistent vs April Q1 call: aggressively bullish on AI infrastructure, hard assets, power demand, data centers.
June conference leaned even harder into:
- AI infra deployment
- data center scale
- energy/electricity demand
- IPO reopening
- wealth recovery.
April call was more defensive/explanatory around:
- private credit fears
- BCRED redemptions
- software/AI disruption risk
- fundraising resilience despite “noise.”
New/incremental vs April:
- June disclosed ~$160B standing/leased/under-construction DC exposure plus similar-sized pipeline.
- More explicit bullishness on IPO market reopening.
- More confidence around wealth inflows stabilizing/recovering.
- More discussion around Google/Anthropic partnerships + TPU/NeoCloud angle.
April had more detail on:
- fundraising metrics
- FRE/AUM growth
- BXMA momentum
- insurance channel
- BREIT/BCRED flow specifics
- 401k/private wealth opportunity.
AI message evolved:
- April = “we are positioned well.”
- June = “this is the defining growth engine for BX.”
Software commentary softened slightly:
- April spent more time discussing AI risk to software/professional services.
- June acknowledged disruption risk but emphasized opportunity/investment deployment more.
Real estate:
- April: stabilization/recovery forming.
- June: increasingly framed as “sleeper winner” tied to hard assets + logistics + AI infra.
