Inside the buildout 🧐


"But there’s a lot more to this story, tangled up with yet another rebrand by the former masters of the universe, from shadow banks without proper regulation into something boring and neutral-sounding: private credit. 

"Ever since the advent of financial regulation, there have been companies that have attempted to evade the rules with creative branding. 

"Private credit companies are non-banks that are trying to rebrand into a name that doesn’t tell everyone they are unregulated lending vehicles.

"The speculative financing of the artificial intelligence buildout is happening mostly in private credit, where assets under management hit $1.6 trillion in February and are likely higher today. 

"The deals being made are perverse and irrational; there are huge mismatches between the life cycle of the assets being funded and the amount of time it will take to pay them off. 

"Experts have been doing everything but picketing the stock exchange with signs that say BUBBLE IN PROGRESS, yet the country has so much sunk cost in the AI boom that the pathway feels inevitable. 

"'We have sealed the deal on another financial crisis —the question is size,' said one former congressional staffer."



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