JPMorgan's Kevin Foley on state of AI financing, IPO pipeline outlook

Watch on YouTube ↗  |  September 01, 2026 at 13:24  |  5:46  |  CNBC
Speakers
Kevin Foley — Co-Head of Global Investment Banking, JPMorgan
Leslie Picker — Chief Correspondent, CNBC

Summary

JPMorgan global investment banking co-head Kevin Foley discusses AI financing and IPO market conditions with CNBC's Leslie Picker. He says AI financing has access to deep capital markets but that heavy AI debt issuance is widening spreads. He also argues AI project activity remains strong and the IPO market has broad appetite, aided by fewer public companies and much larger global equity markets.

  • AI financing taps investment-grade credit, leveraged finance, ABS, bank lending and private credit.
  • AI-related debt spreads are about 20 basis points wider than the JPMorgan JULI index.
  • No AI projects have slowed because of a lack of financing; economics can absorb higher capital costs.
  • The IPO market is described as highly engaged with strong investor appetite.
  • Global equity markets have roughly doubled to about $160 trillion over ten years.
  • SB Energy filed an S-1 and Anthropic may file, testing AI-related IPO demand.
Ideas
Kevin Foley Co-Head of Global Investment Banking, JPMorgan 1:21
AI debt capacity deep; spreads widening.
AI financing is drawing on a deep pool across investment-grade credit, leveraged finance, ABS, bank lending and private credit, so capacity is not the constraint. The visible impact is pricing: AI-related financings are about 20 basis points wide to the JPMorgan JULI index after previously pricing inside, and heavier supply should keep upward pressure on spreads and rates even though AI project economics can absorb the higher cost.
AI-related debt HIGH
Kevin Foley Co-Head of Global Investment Banking, JPMorgan 2:08
AI infrastructure stands robust despite costs.
AI infrastructure activity is not being slowed by financing availability or higher capital costs. The productivity and return enhancements from AI projects are described as astronomical, so project costs can absorb higher rates, and no projects have been delayed solely due to lack of financing.
AIQ HIGH
Kevin Foley Co-Head of Global Investment Banking, JPMorgan 4:06
IPO market appetite remains strong.
The IPO market is highly receptive because the number of public companies has declined, global equity market value has nearly doubled to about $160 trillion, and AI represents a transformative technology with ripple effects. This broad appetite means larger AI and AI-adjacent deals can be absorbed, and AI issuance is not crowding out other issuers.
IPO HIGH
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This CNBC video, published September 01, 2026, features Kevin Foley discussing AI-related debt, AIQ, IPO. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kevin Foley  · Tickers: AI-related debt, AIQ, IPO