Blackstone's profits surged in the second quarter, powered by its investments in the country's massive artificial-intelligence build-out spanning all major businesses including private-equity, private-credit and real estate units. Stronger inflows into private-equity offset a slowdown in private-credit as individual investors pull back.

The firm's distributable earnings rose to $1.98 billion, or $1.52 a share, up 26% from $1.57 billion, or $1.21 a share a year ago. Infrastructure investing was a standout, producing gross returns of 7.2%, outpacing other investment areas.

The broader private-equity business benefited from yearslong AI-related investments. Its division includes a fund for wealthy individuals with stakes in SpaceX, which went public in June, as well as Anthropic and OpenAI, which could go public as early as this year.