Blackstone's Jon Gray on GameStop and extreme market volatility

"There are definitely places in this market where we are seeing this sort of speculative fervor where it's more gambling in some respects than maybe investing," Blackstone President Jon Gray told CNBC's "Squawk Box" on Wednesday. "Ultimately, I think investors should look at the fundamental, long-term prospects of a business. That's what's really served us well and in this environment where there's so much economic transformation, you really want to focus on that."