Google · Bitcoin · Wall Street · U.S. · Decrypt
As Google and Blackstone move to establish a new AI cloud venture
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The Wall Street Journal reported late Monday that Google and Blackstone are planning to create a joint AI cloud company that would deploy Google's custom chip technology, with Blackstone committing $5 billion in equity and retaining a majority stake.
Key facts
- Bernstein currently has outperform ratings on four of those Bitcoin mining firms—IREN ($100 price target), Riot Platforms ($25 PT), CleanSpark ($24 PT), and Core Scientific ($24 PT)—while putting
- Among the most prominent examples is IREN, which recently struck a deal with Nvidia valued at $3.4 billion, including a $2.1 billion equity commitment from the chipmaker tied to GPU deployment
- The Wall Street Journal reported late Monday that Google and Blackstone are planning to create a joint AI cloud company that would deploy Google's custom chip technology, with Blackstone committing
- Core Scientific and HUT 8 have deals of their own with major cloud customers
Summary
Power availability is the central bottleneck in AI infrastructure buildout, says Bernstein, following a reported Google/Blackstone AI cloud alliance. Bitcoin miners collectively control over 27GW of planned power capacity and have signed more than $90 billion in AI contracts, positioning them as critical suppliers for the AI boom. Individual miners are locking in major partnerships, often involving equity commitments that align both sides on scaling up capacity. As Google and Blackstone move to establish a new AI cloud venture, an unexpected group of players stands to benefit: Bitcoin miners.