Chamath Palihapitiya: The AI Private Credit Bubble Explained

AI infrastructure debt shows 2008-style red flags — mispriced risk, duration mismatches — but is structurally contained to private credit, not banks.

• Private credit for tech exploded: US direct lending grew from $96B (2010) to $2.5T (2025-26); tech/software share rose from $22B to over $1T, ~25% of global private credit.
• Anthropic SPV sets record: Apollo and Blackstone built a $35B special purpose vehicle to finance Google TPUs leased to Anthropic — UBS calls it the largest private credit deal ever.

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