Blackstone Inc. (Blackstone (BX)) is getting a little love from investors this morning, with shares up about 0.82% in premarket trading. The reason? A big, shiny joint venture with Google (Alphabet (GOOG) and Alphabet (GOOGL)) that's all about artificial intelligence infrastructure. Even as broader index ETFs point lower before the bell, Blackstone is bucking the trend.

Here's the deal: Blackstone and Google announced Monday that they're launching a new U.S.-based company focused on AI infrastructure and cloud computing, powered by Google Cloud's custom Tensor Processing Units (TPUs). Think of it as a specialized cloud service built around Google's AI chips, but offered outside the usual Google Cloud platform. The new company will provide data center capacity, networking, operations, and TPU-based compute-as-a-service. Customers who want to tap into Google's AI hardware without going through the standard Google Cloud storefront will have a new option.

Blackstone is putting its money where its mouth is — an initial equity commitment of $5 billion through funds it manages. The goal is to bring the first 500 megawatts of capacity online by 2027, with plans to scale up from there. Google, for its part, is providing the hardware (TPUs), software, and related services. The partnership is designed to meet the surging demand for accelerated computing driven by AI development and high-performance computing workloads.

Google's TPUs are custom-built chips optimized for training and inference — they've been in use for over a decade, powering everything from AI labs to financial firms to Google's own Gemini AI products. So this isn't experimental tech; it's proven infrastructure getting a dedicated commercial push.

To lead the new company, Blackstone has tapped Benjamin Treynor Sloss, a longtime Google infrastructure executive. He'll be CEO. Jon Gray, Blackstone's President and COO, framed the move in classic private equity terms: "We see a generational opportunity to invest capital at scale building AI infrastructure. This new company has enormous potential as it helps to meet the unprecedented demand for compute." Jas Khaira, Head of Blackstone N1 (BXN1), added a bit more color: "Capital alone doesn't build category-defining platforms – the right partner, the right structure, and the conviction to underwrite singular opportunities do." Thomas Kurian, CEO of Google Cloud, said the venture would help meet "growing demand for TPUs" while expanding access to accelerated computing infrastructure.

So the story is bullish on the surface. But let's look under the hood at Blackstone's stock. Over the past year, BX has dropped about 19.53%, reflecting broader market headwinds. Technically, the stock is trading below its 20-day and 50-day simple moving averages — a bearish signal. The moving average convergence divergence (MACD) is also below its signal line, suggesting that upward momentum is fading. In plain English: buying pressure is cooling, and unless the stock can reclaim some key levels, it could slide further.

Here are the levels to watch:

• Key Resistance: $117.66 — This aligns with the 50-day SMA, which has historically acted as a ceiling.
• Key Support: $101.73 — That's the 52-week low, a critical floor where buyers might step in.

Blackstone's next earnings report is expected around July 23, 2026. Analysts are looking for EPS of $1.35 (up from $1.21 a year ago) and revenue of $3.42 billion (up from $3.08 billion). The stock trades at a P/E of about 30x, which is a premium valuation — but that's not unusual for a firm with Blackstone's brand and deal flow.

Wall Street remains broadly bullish. The consensus rating is Buy, with an average price target of $146.92. But recent analyst moves show some caution: TD Cowen lowered its forecast to $133 on May 18 (still a Buy), Piper Sandler raised to $130 on April 27 (Neutral), and JP Morgan cut to $136 on April 24 (Neutral). So the enthusiasm is tempered, but the long-term view is still positive.

As of Tuesday premarket, BX was trading at $118.00, up 0.82%. The AI infrastructure joint venture is a big, bold bet — and for now, the market seems to like it.