Daily Alpha · YouTube
· Midday Alpha · by Buzzberg Research
Who was talking 30 videos · 12 channels
AI financing selectivity
2 videos · 17mRob Kaplan says markets are differentiating AI issuers by business model and capital structure, and Greg Peters sees selective opportunities in AI-related credit rather than a broad one.
Rob Kaplan says markets are getting more selective on AI business models and capital structures
Kaplan discusses Goldman Sachs' role in AI-related financings, including Meta's equity raise, SpaceX debt and Anthropic's IPO. He remains optimistic about AI infrastructure and adoption but expects weaker, highly leveraged issuers to face costlier capital and certain token prices to decline.
PGIM's Greg Peters prefers structured AI SPV debt over unsecured hyperscaler debt
AI-related tech financing has pushed investment-grade bond sales to an annual record above $1.7 trillion. Peters says investors are using Treasuries as a hedge against AI growth risk and prefers the belly of the Treasury curve over the long end.
Mike Wilson calls the correction a late-stage midcycle transition with one more drawdown possible
Wilson frames the correction as a late-stage midcycle transition rather than a prolonged bear market, but says the headline index may still need one more drawdown. He names AI-related supply and credit concerns, the midterm elections and tightening liquidity as clearing events.
Cliff Sosin argues cheap intelligence shifts value to scarce complements such as data and attention
The conversation argues abundant, low-cost AI shifts advantage toward assets AI cannot easily replicate, such as proprietary data, user attention, physical density, distribution and regulatory position. The speakers use Meta and Carvana as examples of durable businesses with scarce complements.
Vincent Deluard recommends a six-month tactical long in long-term Treasuries
Deluard argues the US is entering a stagflationary period and that a broad equity bear market is already visible beneath the headline index, with two-thirds of US stocks below their 200-day moving averages. He recommends a tactical long in long-term Treasuries for the next six months.