Blackstone’s Gray Sees AI Disrupting Industries as Biggest Risk

While some investors are raising alarms of a looming bubble in artificial intelligence, Blackstone Inc. President Jon Gray is focused on a different risk tied to the technology — the rapid disruption of certain industries.

Gray is focused on what happens when industries change overnight, like what happened to “the Yellow Pages back in the ‘90s when the internet came along,” he said Thursday in a Bloomberg TV interview.

AI is attracting billions of dollars of investments in startups and the building of data centers needed to power the technology, though some on Wall Street have grown skeptical about when ...