Blackstone reported a strong Q2 with inflows of about $68 billion and assets under management topping roughly $1.35 trillion, underscoring how capital accretion is supporting elevated earnings metrics. Distributable earnings rose meaningfully, and fee-related earnings jumped as the firm capitalized on higher inflows and AI-driven investment performance across strategies. CEO Stephen Schwarzman highlighted the firm’s deliberate focus on the artificial intelligence megatrend as a key growth driver, with nine of the top ten performing investments tied to AI, including stakes in Anthropic and data center platforms. The quarter saw substantial monetizations of assets, totaling about $31.8 billion, reflecting exits and asset sales that provide liquidity and fund ongoing distributions. Blackstone’s AI-centric strategy extends to large-scale data center investments and initiatives like BXDC, reinforcing its position as a leading investor in AI infrastructure while facing questions about valuation in private markets. Overall, the firm’s results signal a durable AI-enabled value engine, supported by strong cash generation and ongoing capital formation across its platform.