Blackstone's AI data center deals face scrutiny over shareholder value

Shuli Ren: Shuli Ren is a Bloomberg Opinion columnist who covers Asian markets and broader financial trends. She previously worked as an investment banker and markets reporter. Ren authored the opinion piece highlighting concerns about shareholder value from AI data center investments, including Blackstone's exposure. Blackstone: Blackstone is a global alternative asset manager with significant investments across infrastructure, private credit, and real estate. It has been actively financing and taking equity stakes in AI data center operators and related power projects. The firm's deals in this sector are now facing increased investor scrutiny over their ability to deliver strong shareholder returns. Market Scrutiny: Investors are questioning the long-term shareholder value that can be generated by developers and financiers of AI data centers amid rising costs and execution risks. Private Credit Role: Private credit providers like Blackstone are extending large loans to AI data center projects while also taking equity positions to capture potential upside.