Blackstone’s Q2 earnings soared with a 26% jump in distributable earnings to nearly $2 billion, fueled by strong fee income and net realizations — all while raking in $70 billion in new assets, pushing AUM to $1.35 trillion. Despite minor client shifts in one credit fund, the firm’s AI-driven strategy is the real game-changer: nine of its top ten assets tied to AI, and they’re doubling down with a Google partnership and massive data center expansion — proving the market’s focus on minor setbacks misses the bigger, brighter picture.

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