Broadcom apparently went back to Blackstone and Apollo (the same two private-credit shops it partnered with in June for a $35B package) and is now discussing something like $100B, to fund AI chip infrastructure for Anthropic. Ten weeks, 3x the size.
The structure is the interesting part if you're not familiar with how this financing actually works: reportedly split into a senior-secured tranche ($60-70B) and a junior tranche (~$30B). Senior-secured gets paid first if anything goes wrong and is backed by hard collateral (the chips/datacenters themselves), junior eats losses first but gets a higher yield. It's basically the same risk-layering banks use on mortgage bonds, except the underlying asset here is depreciating GPU hardware instead of houses, and the "borrower" is a compute buildout racing to keep up with model demand.
Private credit shops love this because it's floating-rate, asset-backed, and banks mostly won't touch loans this size and this fast for something as volatile as AI infra.
Genuinely curious what people think: is layered private-credit financing at this pace and scale just normal infrastructure buildout, or is it the first real sign of an AI capex bubble forming underneath the model layer everyone's watching instead?
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