The $700 Billion AI Bet and the Liquidity Illusion Beneath It
While the world wrestles with inflation and geopolitical fragmentation, five American technology giants are preparing to deploy roughly $700 billion into AI infrastructure in 2026
While the world wrestles with inflation and geopolitical fragmentation, five American technology giants are preparing to deploy roughly $700 billion into AI infrastructure in 2026
The private credit market was built on a quiet assumption: relatively stable cash flows, long-term lender–borrower relationships, and the ability to hold loans to maturity
In illiquid markets, liquidity is often described as a function of volume: how many trades occurred, how much paper changed hands, how active the market
In illiquid credit markets, progress rarely breaks down at the point of negotiation. It breaks down much earlier, long before price becomes binding and long
Price discovery is the quiet engine of every functioning market. When it works, buyers and sellers converge around a price that reflects real supply, real
Private credit and other illiquid assets have moved from the margins to the core of modern investment portfolios. Institutional investors and sophisticated allocators continue to
Artificial intelligence has transformed the way financial data is processed, analyzed, and interpreted. It can map patterns across massive datasets, identify anomalies in real time,
Not long ago, the idea of an active secondary market for private credit or real estate debt would have sounded far-fetched. These instruments were meant
For decades, public markets have benefited from one defining advantage: liquidity. The ability to trade instantly, to discover price in real time, and to enter
Over the past decade, private credit has become one of the fastest-growing segments in global finance. As institutional investors search for yield and diversification beyond