Blackstone (BX) CEO Stephen Schwarzman said Thursday that his firm has been selective in its investments in the AI infrastructure boom as the company delivered a jump in profits for the second quarter. In May, the company also launched an AI cloud provider in partnership with Google parent Alphabet (GOOG, GOOGL). Blackstone's infrastructure business within its private equity division was the firm's best-performing major investment strategy, growing 7.2% over the quarter and 28.6% for the previous 12 months through June. Major private market investors like Blackstone represent a crucial driver of the AI boom. So far, it has been a tough year for shares of Blackstone and Wall Street's other big private money managers.