While the ‌impact of AI could echo the industrial revolution, which eventually raised living standards, Schwarzman said, "Major change of this type also creates anxiety due to the uncertainty of how the technology will evolve." Data-center operator QTS, which Blackstone took private for $10 billion in 2021, said earlier this month that it had terminated ‌a project in Virginia after years of ​planning. The project had faced strong local opposition ​and litigation, despite being approved ​by county authorities. U.S. President Donald Trump's administration sees AI development ‌as a race against China, but ​is also working ​to shield households from an attendant rise in energy costs. (Reporting by ​Isla Binnie; Editing by Nia Williams)