Co-founder & CEO, Blackstone
7 dated public stances tracked since 2021-10-31, most recently 2026-10-25. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Stephen Schwarzman's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Stephen Schwarzman is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
2026-10-25
Ai Infra
owns
Bloomberg Originals · video
AI requires massive data center infrastructure buildout analogous to the electrical grid rollout, and demand from all six hyperscalers creates durable long-term growth for data center owners
“we positioned the firm at Blackstone in this unique way where we bought a very large data center company in 2021 for $10 billion. It's now 15 times larger”
Blackstone's Early Bet on AI | Leaders with Francine Lacqua
2026-10-25
Private Credit
bullish
Bloomberg Originals · video
Private credit funds continue to generate roughly 9% returns and the software-default panic triggered by a small hedge fund report is an overreaction, not a structural deterioration in credit quality
“these funds are still generating roughly 9% returns and defaults have gone up a little bit and now people are worried about software exposures”
Blackstone's Early Bet on AI | Leaders with Francine Lacqua
2026-10-25
POWER AND ELECTRICITY INFRASTRUCTURE
owns
Bloomberg Originals · video
AI data center proliferation will leave the developed world structurally short of electricity, creating an early-mover investment opportunity in power generation and grid infrastructure before the market fully appreciates the demand
“the developed world is going to be short electricity. Now we've become huge investors in that area before other people did it”
Blackstone's Early Bet on AI | Leaders with Francine Lacqua
2026-10-25
SOFTWARE SECTOR
bullish
Bloomberg Originals · video
The bear thesis that AI will bankrupt most software companies within two to three years is vastly overstated; software companies are buyers of AI tokens that will improve their businesses, with only a small subset genuinely mispositioned
“I think we'll see, it'll take a year or two to play out that this was, like, way overdone”
Blackstone's Early Bet on AI | Leaders with Francine Lacqua
2023-10-24
Commercial Real Estate
bearish
video
Effective vacancy is ~40% (20% unleased plus 20% leased but unused) and when leases roll companies will cut space materially, making most office buildings economically unviable as entities
“office buildings that basically are 40% unused... those Office Buildings are not survivable”
90d -19.8% · 180d -12.1% · 1y -38.5%
Sustained demand is driving 8% annual rent growth and lease rollovers generate 50-60% rent step-ups for landlords, making industrial the clear outperformer within commercial real estate
“warehouses they're still going up like 8% a year... there's an increase to them of 50 to 60%”
90d +15.1% · 180d +23.7% · 1y +40.2%
2021-10-31
EARNING ASSETS / PRIVATE EQUITY BUYOUTS
bullish
Larry Fink · video
Owning productive earning assets that can be improved over time generates compounding wealth regardless of currency, outperforming passive cash or currency holdings
“I just want to own earning assets... you'll have more and more and more”
HE Al Mubarak, Ray Dalio, Larry Fink, Stephen Schwarzman, David Solomon and More - #FII5
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