Blackstone CEO Warns of Power Crunch

Blackstone Schwarzman Sounds Alarm: “The U.S. Has a Power Problem”

Blackstone CEO Stephen Schwarzman warned that the United States is facing a looming energy crisis. Despite attracting 80% to 85% of global investment flows, the country’s electric grid has barely expanded in 20 years, he said.

“With data centers multiplying everywhere, we’re looking at power demand growth of at least 4% to 5% a year,” Schwarzman noted. “But with only a 15% reserve margin, the math doesn’t work — something bad will happen fast.”

He said the scale of the challenge is massive. “At Blackstone, we’re the largest developer and owner of data centers globally. We can see this coming — and there’s just not enough capital to meet the demand unless investors are offered very high returns.”

Meanwhile, Qualcomm CEO Cristiano Amon unveiled two new chips designed for the AI-driven data center boom, sending QCOM shares up more than 11% on Monday.

Amon described AI as a new layer of software that will reshape every device — from phones and PCs to cars and industrial systems. “Companies that truly connect with consumers and understand human intentions will lead the next wave,” he said, highlighting opportunities in agentic AI experiences for enterprises.

AI’s growing influence also dominated a broader market discussion. BlackRock CEO Larry Fink said global investors are flocking back to the U.S. dollar, reversing earlier moves into Europe.

“There’s still deep faith in the U.S.,” Fink said. “AI investment is driving growth we’re not seeing elsewhere. Most investors are overweight the U.S. — and that’s the right call for at least the next 18 months.”

Fink added that the buzz around AI is overshadowing another major shift — the digitization and tokenization of financial assets. “We’re not talking enough about how fast every asset class — ETFs, bonds, everything — will move into digital wallets. It’s coming faster than most realize, and many countries are unprepared,” he warned.

Rounding out the discussion, Goldman Sachs CEO David Solomon reaffirmed his belief in America’s leadership in innovation and capital markets, while offering a sharp take on alternative assets.

“Cryptocurrencies and gold are assets of fear,” Solomon said. “People buy them when they’re worried — about inflation, about stability, about security. They’re a hedge against optimism.”