On September 9, Blackstone Group LP fell 3.18% in regular trading, trading at $129.9/share, with Turnover of $60.4227 million. The decline was triggered by reports that the company's joint AI cloud venture with Google, known as Project Braid, is experiencing significant construction delays.

According to reports, Blackstone committed $50 billion in initial equity to the venture, which aims to lease computing resources powered by Google's AI chips to enterprise clients. However, the project has been hampered by transformer shortages at selected sites and contractor changes, with executives now accepting that the probability of on-time delivery has dropped to just 50%, down sharply from 90% three years ago. The joint venture has identified 29 potential data center sites, but the obstacles underscore the growing challenges facing large-scale AI infrastructure buildouts.

The broader Asset Management & Custody Banks sector traded lower in sympathy. Among peers, BlackRock fell 1.07%, KKR & Co LP declined 1.84%, Ameriprise dropped 1.39%, Bank of New York Mellon slipped 0.42%, and Brookfield Corp lost 0.9%.

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