AI Chip Financing Raises Questions About Private Credit Risk

AI infrastructure borrowing is expanding into private credit, and Chamath Palihapitiya argues lenders may not be charging AI-related borrowers much more for their risks. The Social Capital founder’s analysis highlights a reported $35 billion chip-financing deal tied to Anthropic and warns repayment pressures could reach both AI infrastructure firms and software companies exposed to AI competition. The $35 billion financing, led by Apollo and Blackstone, was used to buy chips for lease to Anthropic. The deal set a private-credit record and exceeded the roughly $23 billion in direct lending to U.S. private equity-backed companies during the second quarter.

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