Daily Alpha · YouTube
· Post-Market Alpha · by Buzzberg Research
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AI credit
2 videos · 45mMorgan Stanley and Steven Feldman both frame the AI cycle as increasingly a credit and financing story, with Feldman cautious on leveraged AI exposures.
Morgan Stanley's Andrew Sheets says heavy AI tech issuance has pushed up both yields and spreads
The AI capital-spending cycle is a major driver of debt supply, affecting both top-tier tech issuers and lower-rated borrowers. Stress is highest in telecom and leveraged credits, but the resulting dispersion can be healthy for active credit selection.
Steven Feldman sees stress in leveraged data-center financing and prefers scarce, unlevered real assets
Feldman sees signs of stress in leveraged data-center financing, token pricing, permitting and power supply. Feldman argues against abandoning the AI theme but for rotating away from crowded, leveraged exposures toward electricity, commodities, gold, farmland and some bonds or cash.
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SemiAnalysis models AI networking demand cluster by cluster across cloud and neocloud buyers
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