Blackstone President and COO Jon Gray told CNBC that while AI cloud provider CoreWeave has sparked market concerns due to its massive debt, its underlying business performance is strong, and the company will find a way to resolve its financing difficulties. Gray noted that CoreWeave and its peers are facing capital challenges required to deliver on commitments, but demand for computing power is robust, and the traditional chip value and data center rents of these companies are both underestimated. He believes that if these "new cloud" companies can weather the storm, the pricing of computing services will increase by 50%. CoreWeave's stock fell 3.55% on Thursday, accumulating a 14% decline over the past week, with total debt currently around $51.6 billion, including approximately $35 billion in notes, bonds, and loans. Gray made these remarks after Blackstone reported its third-quarter results, with revenue of $3.22 billion for the quarter, below expectations, but adjusted earnings per share of $1.32, exceeding expectations.