Kuala Lampur, Sept. 5 -- Blackstone president and chief operating officer Jon Gray has said something that Asean governments, corporations and especially small and medium enterprises should take seriously: the enormous sums being poured into artificial intelligence do not necessarily prove that AI is a bubble.

They may demonstrate precisely the opposite.

Gray's argument is straightforward. In a conventional bubble, investment creates capacity far beyond genuine demand.

In AI, demand for computing power is still running ahead of available supply.

Data centres, electricity, advanced chips and computing capacity remain constraints.

Blackstone says demand for large language models across its companies increased sevenfold within six month...