AI at Scale: A Conversation with Blackstone’s CTO and Global Head of the Operating Team

Artificial intelligence is reshaping how businesses operate, how investments are made, and how entire industries compete. But separating signal from noise can be challenging. We sat down with John Stecher, Blackstone’s Chief Technology Officer, and Rodney Zemmel, Global Head of the Blackstone Operating Team to discuss where AI stands today — and where we believe it’s headed.

1. Where does AI create the most value — and where do you see disruptions?

Zemmel: We believe some of the most compelling opportunities today sit close to the infrastructure layer — what Blackstone refers to as the “picks and shovels” of AI — data centers, compute, and related areas tightly coupled to that stack. At the other end, some skilled tasks that current models can already replicate — like parts of content creation or legal workflows — face real pressure.The biggest opportunity is the vast middle of the economy. Physical businesses, manufacturing, logistics, and retail. These are not “AI-native” sectors, but they are increasingly AI-enabled. From factory layout and robotics to marketing and supply chains, AI is enhancing how real-world businesses operate.

Stecher: As a software engineer, I see the biggest proven impact right now in software engineering’s toolkit. My teams are meaningfully more productive than they were a year ago. And I think that same dynamic will extend into drug discovery, materials science, anywhere the work mirrors software development at its core — design something, test it, refine it, repeat.

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1. Where does AI create the most value — and where do you see disruptions?

Zemmel: We believe some of the most compelling opportunities today sit close to the infrastructure layer — what Blackstone refers to as the “picks and shovels” of AI — data centers, compute, and related areas tightly coupled to that stack. At the other end, some skilled tasks that current models can already replicate — like parts of content creation or legal workflows — face real pressure.The biggest opportunity is the vast middle of the economy. Physical businesses, manufacturing, logistics, and retail. These are not “AI-native” sectors, but they are increasingly AI-enabled. From factory layout and robotics to marketing and supply chains, AI is enhancing how real-world businesses operate.

Stecher: As a software engineer, I see the biggest proven impact right now in software engineering’s toolkit. My teams are meaningfully more productive than they were a year ago. And I think that same dynamic will extend into drug discovery, materials science, anywhere the work mirrors software development at its core — design something, test it, refine it, repeat.

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