Broadcom

Broadcom, Oracle and SpaceX are all trying to borrow for AI chips from private credit rather than the bond market

All three are reported talks rather than closed deals. What they have in common is the structure: borrow privately, and keep the hardware off the operating company's balance sheet.

A rating agency has called a pile of GPUs investment grade, and insurers bought the paper

The collateral is accelerators and two customer contracts. That a conservative credit market accepted it is the part that will be copied.

Blackstone is putting $9bn of its own money behind the chips Anthropic has already promised to buy

The senior half will be sold to insurers and credit funds. What it prices at is the market's verdict on whether AI compute contracts are durable collateral.

Anthropic has committed $518bn to compute, and about 80% of it it cannot get out of

Google, Amazon, Microsoft and Broadcom hold contracts Anthropic must pay whether or not it uses the capacity. The xAI deal, unusually, it can exit on 90 days' notice.

AMD's market value passed a trillion dollars for the first time, on demand for AI systems rather than chips

The stock is up more than 180 per cent this year. The reason analysts give is that AMD stopped selling parts and started selling racks.

Big Tech has issued about $300bn of AI guarantees that barely touch its balance sheets

The instrument is the residual value guarantee: a financing vehicle borrows and owns the asset, and the technology company promises to cover the shortfall if it is ever sold for less than an agreed figure.