Intelligent Investor Insights

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[kristen shaughnessy @kshaughnessy2]

AI Giants Need $1 Trillion, But the Credit Market Just Slammed the Door Shut

“Jeffrey Papai of Goldman Sachs FICC has highlighted a significant challenge facing credit markets, particularly for AI hyperscalers.

These major cloud infrastructure providers, including Microsoft, Amazon, Google, and Meta, require $1 trillion in financing over the next year.

However, Papai notes that replicating the previous year’s $360 billion funding in the current high-rate, late-cycle environment will be very difficult..”
@Crypto_Briefing

And no one should be surprised

[zerohedge @zerohedge]

"Carnage" In The Hyperscaler Bond Market: Did Goldman Just Pop The AI Debt Bubble https://t.co/pA7aONbtiy

[Intelligent Investor Insights @IntInvInsights]

Japan is no longer the world’s deflationary anchor; it’s a source of structural tightening. The yen carry trade was a ticking time bomb, and the fuse is lit. As $2T in liquidity evaporates, institutional capital is finally heading home.…

[Kevin Malone @Malone_Wealth]

Here is the list of +$30B public companies that have more than 100% institutional ownership. Doesn't count insiders or individual investors. The 'market' is nothing but fake shares and IOUs.

[kristen shaughnessy @kshaughnessy2]

$41B Shortfall.
Pennsylvania Teachers’ Pension Fund Loses Big on a $10 Billion Private Equity Bet

@TribLIVE reports PSERS expected to make around 10%, but got just 2.59%.

The big teachers’ pension fund in PA is reportedly $41 billion underwater.

Dumping money into private equity hurt the whole fund more than anything else.

Teachers will pay the price with a weaker retirement.

And this is why I’ve warned for years to protect your retirement accounts.

Thanks @SocialWatchNew

[Intelligent Investor Insights @IntInvInsights]

The fiduciary bond is being hollowed out. 'Grey practices' now exploit regulatory gaps to undermine the spirit of loyalty while staying technically legal. When profit-driven motives meet informational asymmetry, trust becomes the sacrifice.…

[zerohedge @zerohedge]

*BLUE OWL BDCS IMPOSE CAPS AFTER 18.8%, 38.1% REQUESTS TO EXIT

[0xDipper @Dipper_pol]

Mark Spitznagel - founder of Universa, the "black swan" fund Taleb advises - on what modern finance gets backwards:

diversification, 60/40, risk parity - they all lower your portfolio's volatility. and in doing it, he says, "we're actually making ourselves poorer."

risk mitigation got turned into something with a permanent cost - a slow bleed. but that's not what it's for. the goal of protection should be to raise your compounding, and thus your wealth - otherwise why do it at all?

even the doomers get trapped by this. you can call the crash perfectly and still lose: "Cassandras generally make very poor investors." bad protection becomes the cure that's worse than the disease - a Pyrrhic victory that costs more than the risk ever would.

the man who made ~4,000% in the 2020 crash, on protection that pays you to hold it ↓

[Intelligent Investor Insights @IntInvInsights]

AGI is currently crashing into the cold physics of the general ledger. As the AI trade moves from training to inference, the cost per query is the only metric that matters. The era of the blank check is over. New episode of Intelligent Investor Insights:…

[Intelligent Investor Insights @IntInvInsights]

We called this back in May. More relevant than ever. Remember when we mentioned this back in May 2026? It's now more relevant than ever...

AI is consuming the world’s capital with the appetite of a gourmet, yet the kitchen is struggling to produce a main course that justifies…

[zerohedge @zerohedge]

*BLUE OWL SAID TO BE IN TALKS TO BUY STAKE IN NBA'S CAVALIERS

[Thierry from arvy 🇨🇭 @ThierryBorgeat]

It wasn't just Partners Group.

The whole cohort broke together this week:

KKR –7%
Ares –15%
Apollo –11%
Carlyle –12%
Blackstone –12%

One canary doesn't sing.

A whole flock just went silent.

[kristen shaughnessy @kshaughnessy2]

“Morgan Stanley caps withdrawals at private credit fund after rising pullout requests”

Reuters reports Morgan Stanley’s $7B private credit fund is getting slammed with withdrawal requests again

Reuters says 11.6% of investors want out of the North Haven ‌Private Income Fund this quarter, which is slightly higher than Q1 requests.

But the bank is capping exits again and only honoring 43% of those asks.

About half of the latest requests reportedly came from investors who had been unable to fully cash out earlier.

[GuruLeaks @Guruleaks1]

Former/Alleged "Head of Macro" for Greenlight Capital James Fishback @J_Fishback ordered to pay Greenlight $1,198,464.02 in legal fees for misappropriating and disseminating Greenlight's confidential information more than 60 times

[Intelligent Investor Insights @IntInvInsights]

The era of Fed hand-holding is over. Under Kevin Warsh, the FOMC has killed forward guidance in favor of a blunt, hawkish silence. By saying less, the Fed is tightening more. Every data point is now a live wire. Markets, you're on your own:…

[Rudy Havenstein, Senior Markets Commentator. @RudyHavenstein]

Jeff Gundlach on Private Equity, Private Credit, offshore re-insurance, and other menaces to society:

“I’m getting that feeling that I had in 2005, 2006, where I feel like everybody’s lying about everything.”

[junkbondinvestor @junkbondinvest]

*APOLLO PRIVATE CREDIT FUND GETS ABOUT 16.8% REDEMPTION REQUESTS

I was told the private credit fears were overdone.

[Thierry from arvy 🇨🇭 @ThierryBorgeat]

Alphabet just lost 6% in a day. Not because of earnings. Because one person quit.

John Jumper, the DeepMind scientist who co-built AlphaFold and won a Nobel Prize for it, is leaving for Anthropic. And the same week, the co-lead of Google's Gemini models left for OpenAI.

Two of the most important minds in AI, gone from one company, in one week. The market wiped tens of billions off Alphabet over it.

Sit with what that means. In most industries, no single employee moves the stock. Here, one researcher walking out the door is a market event.

That's the tell about where the real moat in AI actually sits. Not in the chips. Not in the data centers. In a few hundred irreplaceable human beings, and the fierce, expensive war to keep them.

Markets are still pricing AI like an infrastructure race. Whoever spends the most on compute wins. But infrastructure can be bought. A Nobel laureate cannot.

The scarcest asset in the most important technology of our time isn't silicon.

It's the people who know what to build with it.

[Financial Times @FT]

AbbVie buys Apogee for $10.9bn to acquire inflammatory disease drug https://t.co/yujTCFtHv7

[zerohedge @zerohedge]

GPU rental index continues to slide