"The small fry are getting squeezed out," wrote one equities portfolio manager.

The duo plans to launch the unnamed U.S. company with $5 billion in equity capital from Blackstone, which will be the majority owner, according to people familiar with the matter.

Blackstone on Monday announced a joint venture with Google to create a new US-based company that will offer efficient data centre capacity, operations, networking, and Google Cloud's Tensor Processing Units (TPUs) as a compute-as-a-service offering.

Alphabet's Google agreed to create an artificial intelligence cloud business with Blackstone, aiming to compete with companies like CoreWeave in a burgeoning market. The project will rely on an initial $5 billion in equity capital from Blackstone,

Alphabet's Google and Blackstone plans to launch an artificial-intelligence cloud ​company using Google's specialized chips, the Wall ‌Street Journal reported on Monday, citing sources.

Monday announced a joint venture with Google (GOOG) (GOOGL) to create a new U.S.-based company that will offer data center capacity, operations, networking, and Google Cloud’s Tensor Processing Units (TPUs) as a compute-as-a-service offering.

Alphabet's Google and Blackstone plan to launch an artificial-intelligence cloud company using Google's specialized chips, the Wall Street Journal reported on Monday, citing sources